<SUBMISSION>
<ACCESSION-NUMBER>0000950116-06-000884
<TYPE>424B5
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20060327
<DATE-OF-FILING-DATE-CHANGE>20060324
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BRANDYWINE REALTY TRUST
<CIK>0000790816
<ASSIGNED-SIC>6798
<IRS-NUMBER>232413352
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B5
<ACT>33
<FILE-NUMBER>333-131255
<FILM-NUMBER>06710366
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>14 CAMPUS BLVD
<STREET2>STE 100
<CITY>NEWTOWN SQUARE
<STATE>PA
<ZIP>19073
<PHONE>6103255600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>TWO GREENTREE CENTRE
<STREET2>SUITE 100
<CITY>MARLTON
<STATE>NJ
<ZIP>08053
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>LINPRO SPECIFIED PROPERTIES
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BRANDYWINE OPERATING PARTNERSHIP LP /PA
<CIK>0001060386
<ASSIGNED-SIC>6798
<IRS-NUMBER>232862640
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B5
<ACT>33
<FILE-NUMBER>333-131255-01
<FILM-NUMBER>06710365
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>14 CAMPUS BOULEVARD
<STREET2>610-325-5600
<CITY>NEWTOWN SQUARE
<STATE>PA
<ZIP>19073
<PHONE>6103255600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>BRANDYWINE OPERATING PARTNERSHIP LP
<STREET2>16 CAMPUS BOULEVARD
<CITY>NEWTRON SQUARE
<STATE>PA
<ZIP>19073
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>four24b5.htm
<DESCRIPTION>FORM 424B5
<TEXT>
<html>
<head>
    <title>Prepared and filed by St Ives Burrups</title>
</head>
<body>
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="right"><font face="serif" size="2"><b>Filed pursuant to 424(b)(5).<br>
Pursuant to Rules 457(p) and (r),<br>
$90,950 of filing fees previously<br>
paid and carried forward have<br>
been offset in connection with<br>
the notes offered from<br>
Registration Statement No. 333-131255<br>
by means of this prospectus supplement.</b></font></p>
<p align="left"><font face="serif" size="2"><b>Prospectus Supplement</b><br>
(To Prospectus dated January 24, 2006)</font></p>
<p align="left"><img src="brandywinelogo.gif"></p>
<p align="left"><font face="serif" size="3"><b><i>$850,000,000</i></b></font></p>
<p align="left"><font face="serif" size="5"><b>Brandywine Operating Partnership, L.P.</b></font></p>
<p align="left"><font face="serif" size="3"><b><i>$300,000,000 Floating Rate Guaranteed Notes due 2009<br>
</i></b></font><font face="serif" size="2"><b><i><font size="3">$300,000,000 5.75% Guaranteed Notes due 2012<br>
</font></i></b></font><font face="serif" size="3"><b><i>$250,000,000 6.00% Guaranteed Notes due 2016</i></b></font></p>
<p align="left"><font face="serif" size="2">We are offering $300,000,000 of floating rate notes due April 1, 2009, $300,000,000 of 5.75% notes due April 1, 2012 and $250,000,000 of 6.00% notes due April 1, 2016.</font></p>
<p align="left"><font face="serif" size="2">The 2009 notes will bear interest at a floating rate equal to three-month LIBOR plus 0.45% per year. The 2012 notes will bear interest at a rate of 5.75% per year, and the 2016 notes will bear interest at a rate of 6.00% per year. We will pay interest on the 2009 notes quarterly on
January 1, April 1, July 1 and October&nbsp;1 of each year, beginning July 1,
2006. We will pay interest on the 2012 notes and the 2016 notes semi-annually
on April 1 and October 1 of each year, beginning on October 1, 2006.</font></p>
<p align="left"><font face="serif" size="2">We may redeem some or all of the 2009 notes on any quarterly interest payment date on or after October 1, 2006 at a price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest to the redemption date. We may redeem some or all of the
2012 notes and 2016 notes at any time, in each case at a price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest to the redemption date and an applicable &#147;make-whole amount&#148; as described in this prospectus supplement.</font></p>
<p align="left"><font face="serif" size="2">The notes will be unsecured and will rank equally with all of the other unsecured unsubordinated indebtedness of Brandywine Operating Partnership, L.P. from time to time outstanding. Brandywine Realty Trust, the sole general partner of Brandywine Operating Partnership, L.P.,
will guarantee payment of principal and interest on the notes. The guarantees of the notes will be unsecured and unsubordinated obligations of Brandywine Realty Trust. Brandywine Realty Trust has no material assets other than its investment in Brandywine Operating
Partnership, L.P.</font></p>
<p align="left"><font face="serif" size="2"><b>Investing in the notes involves risks. See &#147;Risk Factors&#148; beginning on page S-5 of this prospectus supplement.</b></font></p>
<p align="left"><font face="serif" size="2">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or passed upon the accuracy or adequacy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a
criminal offense.</font></p>
<p align="left"><font face="serif" size="2">&nbsp;</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr align="center" valign="top">
    <td colspan="8"><hr noshade size="2"></td>
  </tr>
  <tr align="center" valign="bottom">
    <td><font size="1">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="1">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="1">&nbsp;</font></td>
    <td width="12%" align="left"><font face="serif" size="1"><b>Price
          to<br>
    Public (1)</b></font></td>
    <td width="3%" align="left"><font face="serif" size="1">&nbsp;</font></td>
    <td width="12%" align="left"><font face="serif" size="1"><b>Underwriting<br>
    Discount</b></font></td>
    <td width="3%" align="left"><font face="serif" size="1">&nbsp;</font></td>
    <td width="12%" align="left"><font face="serif" size="1"><b>Proceeds to Us,<br>
    Before Expenses (1)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="8"><hr noshade size="1"></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Per 2009 Note</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3"><font face="serif" size="2">100.000</font><font face="serif" size="2">%</font></td>
    <td colspan="2" align="left"><font face="serif" size="2">0.450</font><font face="serif" size="2">%</font></td>
    <td align="left"><font face="serif" size="2">99.550%</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="8"><hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Total</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td colspan="2" align="left"><font face="serif" size="2">300,000,000</font><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="left"><font face="serif" size="2">$1,350,000</font><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">$298,650,000</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="8"><hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Per 2012 Note</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3"><font face="serif" size="2">99.674</font><font face="serif" size="2">%</font></td>
    <td colspan="2" align="left"><font face="serif" size="2">0.6125</font><font face="serif" size="2">%</font></td>
    <td align="left"><font face="serif" size="2">99.0615%</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="8"><hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Total</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3"><font face="serif" size="2">$</font><font face="serif" size="2">299,022,000</font><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="left"><font face="serif" size="2">$1,837,500</font><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">$297,184,500</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="8">&nbsp;    </td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Per 2016 Note</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3"><font face="serif" size="2">99.458</font><font face="serif" size="2">%</font></td>
    <td colspan="2" align="left"><font face="serif" size="2">0.650</font><font face="serif" size="2">%</font></td>
    <td align="left"><font face="serif" size="2">98.808%</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="8"><hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Total</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3"><font face="serif" size="2">$</font><font face="serif" size="2">248,645,000</font><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="left"><font face="serif" size="2">$1,625,000</font><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">$247,020,000</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="8"><hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<hr noshade size="1">
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">Plus interest, if any, from March 28, 2006 if settlement occurs after that date.</font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">We expect to deliver the notes in book-entry form only through the facilities of The Depository Trust Company against payment on or about March 28, 2006.</font></p>
<p align="center"><font face="serif" size="2"><i>Joint Book-Running Managers</i></font></p>
<p align="center"><font face="serif" size="3"><b>JPMorgan</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Merrill Lynch &amp; Co.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Wachovia Securities</b></font></p>
<p align="center"><font face="serif" size="2"><i>Co-Managers</i></font></p>
<p align="center"><font face="serif" size="2"><b>RBS Greenwich Capital</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Wells Fargo Securities</b><br>
<b>Commerzbank Corporates &amp; Markets</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b></b><br>
<b>Piper Jaffray</b><br>

<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunTrust
Robinson Humphrey</b></font></p>


<p align="center"><font face="serif" size="2"><b>BNY Capital Markets, Inc.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>PNC Capital Markets LLC</b></font></p>
<p align="left"><font face="serif" size="2">March 23, 2006</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="contents"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="2"><b>You should rely only on the information contained or incorporated by reference in this prospectus supplement and the accompanying prospectus. We have not, and the underwriters have not, authorized anyone to provide you with additional or different
information. We are not making an offer of these securities in any state where the offer is not permitted. You should not assume that the information in this prospectus supplement or the accompanying prospectus is accurate as of any time subsequent to the
date of such information.</b></font></p>
<p align="center"><font face="serif" size="2"><b>TABLE OF CONTENTS</b></font></p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1"><b>Page</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td colspan="4"><font face="serif" size="2"><b>Prospectus Supplement</b></font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#ps1a">Summary</a></font></div>
    </td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2"><a href="#ps1a">S-1</a></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#ps5a">Risk
            Factors</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#ps5a">S-5</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#ps6a">Use
            of Proceeds</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#ps6a">S-6</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#ps7a">Capitalization</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#ps7a">S-7</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#ps8a">Selected
            Financial Data</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#ps8a">S-8</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#ps9a">Ratios
            of Earnings to Fixed Charges</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#ps9a">S-9</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#ps10a">Description
            of the Notes and the Guarantees</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#ps10a">S-10</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#ps17a">United
            States Federal Income Tax Consequences</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#ps17a">S-17</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#ps21a">Underwriting</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#ps21a">S-21</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#ps22a">Where
            You Can Find More Information</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#ps22a">S-22</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#ps22b">Incorporation
            By Reference</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#ps22b">S-22</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#ps23a">Legal
            Matters</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#ps23a">S-23</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#ps23b">Experts</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#ps23b">S-23</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td colspan="4"><font face="serif" size="2"><b>Prospectus</b></font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#p1a">About
            This Prospectus</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#p1a">1</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#p1b">Where
            You Can Find More Information</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#p1b">1</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#p2a">Incorporation
            by Reference</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#p2a">2</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#p4a">Cautionary
            Statement Concerning Forward-Looking Statements</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#p4a">4</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#p5a">Brandywine
            and the Operating Partnership</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#p5a">5</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#p6a">Use
            of Proceeds</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#p6a">6</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#p7a">Ratios
            of Earnings to Fixed Charges and Earnings To Combined Fixed Charges
            and Preferred Share Distributions</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#p7a">7</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#p8a">Description
            of the Debt Securities</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#p8a">8</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#p25a">Description
            of the Shares of Beneficial Interest</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#p25a">25</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#p29a">Description
            of the Depositary Shares</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#p29a">29</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#p33a">Description
            of the Warrants</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#p33a">33</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#p34a">Provisions
            of Maryland Law and of Brandywine&#146;s Declaration of Trust and
            Bylaws</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#p34a">34</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#p38a">Selling
            Securityholders</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#p38a">38</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#p39a">Material
            Federal Income Tax Consequences</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#p39a">39</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#p59a">Plan
            of Distribution</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#p59a">59</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#p60a">Legal
            Matters</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#p60a">60</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><a href="#p60b">Experts</a></font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><a href="#p60b">60</a></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">ii</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps1"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"></font><font face="serif" size="2"><b><a name="ps1a"></a>SUMMARY</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><i>The information below is only a summary of more detailed information included elsewhere in or incorporated by reference in this prospectus supplement and the accompanying prospectus. This summary does not contain all of the
information that is important to you or that you should consider before buying notes in this offering. The other information is important, so please read carefully this prospectus supplement and the accompanying prospectus, as well as the
information incorporated by reference.</i></font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><i>As used in this prospectus supplement, unless the context otherwise requires, the term &#147;Operating Partnership&#148; refers to Brandywine Operating Partnership, L.P., the term &#147;Brandywine&#148; refers to Brandywine Realty Trust and the terms
&#147;we,&#148; &#147;us,&#148; &#147;our&#148; or similar expressions refer collectively to Brandywine Realty Trust and its subsidiaries (including the Operating Partnership).</i></font></p>
</div>
<p align="center"><font face="serif" size="2"><b>Brandywine Realty Trust and Brandywine Operating Partnership, L.P.</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Brandywine is a self-administered and self-managed real estate investment trust, or REIT, that is active in acquiring, developing, redeveloping, leasing and managing office and industrial properties. Brandywine owns its assets and
conducts its operations through the Operating Partnership. Brandywine controls the Operating Partnership as its sole general partner and, as of December&nbsp;31, 2005, owned an approximately 96.7% interest in the Operating Partnership.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">As of December&nbsp;31, 2005, we owned 227 office properties, 23 industrial facilities and one mixed-use property containing an aggregate of approximately 19.6 million net rentable square feet. As of that date, we also owned economic
interests in nine unconsolidated real estate ventures containing approximately 1.6 million net rentable square feet and in two consolidated real estate ventures that own two office properties containing approximately 200,000 net rentable square
feet. In addition, as of December&nbsp;31, 2005, we owned approximately 215 acres of undeveloped land. In addition to managing properties that we own, as of that date, we managed approximately 2.8 million net rentable square feet of office and
industrial properties for third parties. Our properties are located in and surrounding Philadelphia, Pennsylvania; Wilmington, Delaware; Southern and Central New Jersey; and Richmond, Virginia. As a result of the Prentiss Acquisition, which
is described below, we acquired an additional 71 office properties in Northern Virginia, Texas, and Southern and Northern California containing an aggregate of approximately 12.3 million net rentable square feet.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Brandywine was organized and commenced operations in 1986 as a Maryland REIT. The Operating Partnership was formed and commenced operations in 1996 as a Delaware limited partnership.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Our principal executive offices are located at 401 Plymouth Road, Suite 500, Plymouth Meeting, Pennsylvania 19462, and our telephone number is (610) 325-5600. We also have regional offices in Mount Laurel, New Jersey;
Philadelphia, Pennsylvania; Richmond, Virginia; Falls Church, Virginia; Austin, Texas; Dallas, Texas; Oakland, California; and Carlsbad, California.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-1</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps2"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b>Acquisition of Prentiss Properties Trust and Related Transactions</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">On January&nbsp;5, 2006, we completed our acquisition of Prentiss Properties Trust, a Maryland REIT which owned, managed, leased and developed primarily office properties throughout the United States.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In conjunction with this acquisition, designees of The Prudential Insurance Company of America acquired certain Prentiss properties containing an aggregate of approximately 4.32 million net rentable square feet, which we refer to in
this prospectus supplement as the &#147;Prudential Properties,&#148; for total consideration of approximately $747.7 million (including the assumption of approximately $78.6 million of debt).</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We refer in this prospectus supplement to our acquisition of Prentiss Properties Trust and related transactions, including the sale of the Prudential Properties, as the &#147;Prentiss Acquisition&#148; and to Prentiss Properties Trust as &#147;Prentiss.&#148;</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">As a result of the Prentiss Acquisition, we acquired a portfolio of 79 office properties (including 13 properties that are owned by consolidated real estate ventures and seven properties that are owned by unconsolidated real estate
ventures) containing an aggregate of approximately 14.0 million net rentable square feet.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In the Prentiss Acquisition, Prentiss&#146; shareholders received, in the aggregate, a combination of 34,446,446 Brandywine common shares and approximately $1.05 billion in cash. In addition, holders of limited partnership interests in
Prentiss&#146; operating partnership were issued in the aggregate 2,170,047 Class A Units of the Operating Partnership. We funded the cash portion of the consideration paid in the Prentiss Acquisition, related transaction costs and prepayments of
approximately $543.3 million of Prentiss&#146; mortgage debt at the closing of the Prentiss Acquisition through a combination of (1) a $750 million unsecured term loan that matures on January&nbsp;4, 2007, which we refer to in this prospectus
supplement as the &#147;2007 Term Loan,&#148; (2) approximately $676.5 million of cash from the sale of the Prudential Properties and (3) approximately $195 million in borrowings under our revolving credit facility. As a part of the Prentiss
Acquisition, we also assumed approximately $600.8 million in aggregate principal amount of Prentiss&#146; debt (having a fair value for accounting purposes of $611.1 million).</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Subsequent to the completion of the Prentiss Acquisition, in addition to the sale of the Prudential Properties, we have sold eight properties that we acquired in the Prentiss Acquisition containing an aggregate of approximately 1.7 million
net rentable square feet for an aggregate consideration of $252.5 million (including the assumption of approximately $114.2 million in mortgage debt by the purchaser of one of these properties), and we have purchased one property containing
approximately 100,000 net rentable square feet for approximately $10.1 million.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">As of March&nbsp;22, 2006, our total portfolio, including the properties that we acquired from Prentiss and now own, was comprised of 278 office properties, 24 industrial facilities and one mixed-use property containing an aggregate of 29.5
million net rentable square feet.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-2</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps3"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b>The Offering</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="39%"><font face="serif" size="2"><b>Issuer</b></font></td>
    <td valign="bottom"><div align="left"><font face="serif" size="2">Brandywine Operating Partnership, L.P.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="39%"><font face="serif" size="2"><b>Guarantor</b></font></td>
    <td valign="bottom"><div align="left"><font face="serif" size="2">Brandywine Realty Trust.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="39%"><font face="serif" size="2"><b>Securities Offered</b></font></td>
    <td valign="bottom"><div align="left"><font face="serif" size="2">$300,000,000 principal amount of Floating Rate Guaranteed Notes due 2009; $300,000,000 principal amount of 5.75% Guaranteed Notes due 2012; and $250,000,000 principal
amount of 6.00% Guaranteed Notes due 2016.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="39%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">In this prospectus supplement, we use the term &#147;notes&#148; to refer, collectively, to the 2009 notes, the 2012 notes and the 2016 notes. The 2009 notes, the 2012 notes and the 2016 notes will,
however, constitute separate series under the indenture governing the notes.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="39%"><font face="serif" size="2"><b>Maturity</b></font></td>
    <td valign="bottom"><div align="left"><font face="serif" size="2">The 2009 notes mature on April 1, 2009; the 2012 notes mature on April 1, 2012; and the 2016 notes mature on April 1, 2016.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="39%"><font face="serif" size="2"><b>Interest Rate</b></font></td>
    <td valign="bottom"><div align="left"><font face="serif" size="2">The 2009 notes will bear interest at a floating rate equal to three-month LIBOR plus 0.45% per year; the 2012 notes will bear interest at a rate of 5.75% per year; and the 2016
notes will bear interest at a rate of 6.00% per year.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="39%"><font face="serif" size="2"><b>Interest Payment Dates</b></font></td>
    <td valign="bottom"><div align="left"><font face="serif" size="2">Interest
          on the 2009 notes will be payable on January 1, April 1, July 1 and
          October 1, commencing on July 1, 2006.
          Interest on the 2012 notes and the 2016 notes will be payable on April
          1 and October 1, commencing on October 1, 2006. Interest will accrue
          from the issue date of the notes.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="39%"><font face="serif" size="2"><b>Optional Redemption</b></font></td>
    <td valign="bottom"><div align="left"><font face="serif" size="2">We may redeem some or all of the 2009 notes on any quarterly interest payment date on or after October 1, 2006 at a redemption price equal to 100% of the principal amount of
the notes being redeemed plus accrued but unpaid interest to the redemption date.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="39%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">We may redeem some or all of the 2012 notes and 2016 notes at any time, in each case at a redemption price equal to the sum of (1) 100% of the aggregate principal amount of the notes
being redeemed, (2) accrued but unpaid interest, if any, to the redemption date and (3) the applicable Make-Whole Amount (as defined in &#147;Description of the Notes and the Guarantees &#151;
Optional Redemption&#148; in this prospectus supplement), if any.</font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">S-3</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps4"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="2">&nbsp;</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="39%"><font face="serif" size="2"><b>Ranking</b></font></td>
    <td valign="bottom"><div align="left"><font face="serif" size="2">The notes will be unsecured obligations and will rank equally with all of the
Operating Partnership&#146;s other unsecured unsubordinated indebtedness from time to time
outstanding. The notes will be effectively subordinated to the secured debt of the Operating Partnership and to all indebtedness and other liabilities of the  subsidiaries of the
Operating Partnership. See &#147;Risk Factors &#151; Effective subordination of the notes and the guarantees may reduce amounts available for payment of the notes and the
guarantees&#148; in this prospectus supplement.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="39%"><font face="serif" size="2"><b>Guarantees</b></font></td>
    <td valign="bottom"><div align="left"><font face="serif" size="2">Brandywine will fully and unconditionally guarantee payment of principal of, and any applicable Make-Whole Amount and interest on, the notes. The guarantees will be
unsecured and unsubordinated obligations of Brandywine. Brandywine has, however, no material assets other than its investment in the Operating Partnership.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="39%"><font face="serif" size="2"><b>Covenants</b></font></td>
    <td valign="bottom"><div align="left"><font face="serif" size="2">Under the indenture, we have agreed to certain restrictions on our ability to
incur debt and to enter into certain transactions. See &#147;Description of Debt Securities &#151; Merger,
Consolidation or Sale&#148; and &#147;&#151; Covenants&#148; in the accompanying
prospectus.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="39%"><font face="serif" size="2"><b>Form and Denominations</b></font></td>
    <td valign="bottom"><div align="left"><font face="serif" size="2">We will issue the notes in fully registered form in denominations of $5,000 and integral multiples of $1,000 in excess thereof. Each of the 2009 notes, the 2012 notes and the 2016
notes will be represented by one or more global securities registered in the name of a nominee of The Depository Trust Company, or DTC. You will hold beneficial interests in
the notes through DTC, and DTC and its direct and indirect participants will record your beneficial interest on their books. Except under limited circumstances, we will not
issue certificated notes.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="39%"><font face="serif" size="2"><b>Use of Proceeds</b></font></td>
    <td valign="bottom"><div align="left"><font face="serif" size="2">We intend
          to use the net proceeds from this offering of approximately $842.4
          million (after deducting the underwriting discount and our estimated
          offering expenses
of approximately $0.5 million) to repay approximately $750 million of borrowings
under the 2007 Term Loan and to reduce borrowings under our revolving credit
facility by
approximately $92.4 million. See &#147;Use of Proceeds&#148; in this prospectus
supplement.</font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">S-4</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps5"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b><a name="ps5a"></a>RISK FACTORS</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Before deciding to invest in the notes, you should carefully consider the &#147;Risk Factors&#148; in Item 1A of the Operating Partnership&#146;s annual report on Form 10-K for the year ended December 31, 2005 filed with the Securities and
Exchange Commission on March&nbsp;22, 2006 and in Item 1A of Brandywine&#146;s annual report on Form 10-K for the year ended December 31, 2005 filed with the Securities and Exchange Commission on March&nbsp;16, 2006 (as amended by Form
10-K/A filed on March 22, 2006). In addition, you should carefully consider the following risk factors before deciding to invest in the notes.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Brandywine has no material assets other than its investment in the Operating Partnership.</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Brandywine will fully and unconditionally guarantee the payment of principal of, and any applicable Make-Whole Amount and interest on, the notes. The guarantees will be unsecured and unsubordinated obligations of Brandywine and
will rank equally with Brandywine&#146;s other unsecured and unsubordinated obligations. As of December&nbsp;31, 2005, Brandywine and its consolidated subsidiaries had unsecured and unsubordinated obligations of approximately $1.0 billion,
consisting of (1) approximately $90 million of indebtedness under our revolving credit facility, (2) $113 million principal amount of 4.34% notes due 2008, (3) $275 million principal amount of 4.50% notes due 2009, (4) $300 million
principal amount of 5.625% notes due 2010 and (5) $250 million principal amount of 5.40% notes due 2014. Additionally, as of that date, Brandywine and its consolidated subsidiaries had secured obligations of approximately $494.8 million,
consisting of mortgage notes payable. In connection with the Prentiss Acquisition, since December&nbsp;31, 2005 we borrowed an additional $750 million under the 2007 Term Loan and approximately $56.7 million under our revolving credit
facility (net of repayments of borrowings under our revolving credit facility from the proceeds of the sale of eight properties that we acquired in the Prentiss Acquisition), and we also assumed approximately $486.6 million in aggregate
principal amount of Prentiss&#146; debt (having a fair value for accounting purposes of $496.9 million, and net of the assumption of approximately $114.2 million in mortgage debt by the purchaser of one of those properties). Holders of the notes
will be relying solely upon the Operating Partnership, as issuer, and Brandywine, as guarantor, to make payments of principal and interest on the notes. Brandywine has no material assets other than its investment in the Operating Partnership.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Effective subordination of the notes and the guarantees may reduce amounts available for payment of the notes and the guarantees.</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Both the notes and the guarantees are unsecured. The holders of our secured debt may foreclose on the assets securing such debt, reducing the cash flow from the foreclosed property available for payment of unsecured debt, including
the notes and the guarantees. The holders of our secured debt also would have priority over unsecured creditors in the event of our bankruptcy, liquidation or similar proceeding. As a result, the notes and the guarantees will be effectively
subordinated to our secured debt. The notes will also be effectively subordinated to all indebtedness and other liabilities of the subsidiaries of the Operating Partnership. Including debt incurred as a result of the Prentiss Acquisition, and after
giving effect to the consummation of this offering and the use of proceeds therefrom as described in &#147;Use of Proceeds&#148; in this prospectus supplement, the Operating Partnership and its consolidated subsidiaries had secured indebtedness of
approximately $1,100.8 million. The indenture governing the notes permits us and our subsidiaries to incur additional secured and unsecured indebtedness if the conditions specified in the indenture are met. See &#147;Description of Debt Securities
&#151; Covenants&#148; in the accompanying prospectus.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>A trading market may not develop for the notes.</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Each of the 2009 notes, the 2012 notes and the 2016 notes are a new issue of securities with no established trading market. We do not intend to apply for listing of the notes on any national securities exchange or over-the-counter
market. The underwriters have advised us that they intend to make a market in the notes, but they are not obligated to do so. The underwriters may discontinue any market-making in the notes at any time at their sole discretion. We can give
you no assurance that an active or liquid trading market for the notes will develop. If a trading market were to develop, the notes could trade at prices that may be higher or lower than their respective initial offering price and this may result
in a return that is greater or less than the applicable interest rate on the notes, depending on many factors, including, among other things, prevailing interest rates, our financial results, any decline in our credit-worthiness and the market for
similar securities.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-5</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps6"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b><a name="ps6a"></a>USE OF PROCEEDS</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The net proceeds from this offering, after deducting the underwriting discount and our estimated offering expenses, will be approximately $842.4 million. We intend to use the net proceeds from this offering to repay approximately $750
million of borrowings under the 2007 Term Loan and to reduce borrowings under our revolving credit facility by approximately $92.4 million.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">As of March 22, 2006, the 2007 Term
    Loan, which matures on January&nbsp;4, 2007, had an outstanding principal
    balance of approximately $750 million and bears interest at the higher of
    (1) the prime rate and (2)&nbsp;the
    federal funds rate plus 0.50% per year, plus, in either case, 0.25% (5.64%
    per year as of March&nbsp;22, 2006). We also agreed to pay a facility fee
    of 0.15% on the principal amount of the 2007 Term Loan which remains outstanding
    on April&nbsp;5, 2006, an
additional 0.25% on the principal amount of the 2007 Term Loan which remains
    outstanding on July&nbsp;5, 2006, and an additional 0.25% on the principal
    amount of the Term Loan which remains outstanding on October 3, 2006. As
    of March  22, 2006, our revolving credit facility, which matures on December
    22, 2009, had an outstanding balance of $180.0 million and bears interest
    at a rate of LIBOR plus between 55 basis points and 110 basis points depending
    upon our debt
rating (5.57% per year as of March 22, 2006).</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Affiliates of J.P. Morgan Securities Inc., Wachovia Capital Markets, LLC, Wells Fargo Securities, LLC, Commerzbank Capital Markets Corp., SunTrust Capital Markets, Inc., BNY Capital Markets, Inc. and PNC Capital Markets LLC,
each of which is an underwriter in this offering, are lenders, in the aggregate, of approximately 64.6% of the outstanding borrowings under the 2007 Term Loan and of approximately 43.0% of the outstanding borrowings under our revolving credit facility.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-6</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps7"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b><a name="ps7a"></a>CAPITALIZATION</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following table sets forth the Operating Partnership&#146;s capitalization as of December&nbsp;31, 2005 (1) on an actual basis, (2) on an &#147;as adjusted&#148; basis to give effect to the Prentiss Acquisition and the related transactions described in
&#147;Summary&#151;Acquisition of Prentiss Properties Trust and Related Transactions&#148; in this prospectus supplement (including (i) borrowings of $750 million under the 2007 Term Loan and approximately $195 million under our revolving credit
facility that we used to fund a portion of the cash consideration paid in the Prentiss Acquisition, (ii) the assumption of approximately $611.1 million in aggregate fair value of Prentiss&#146; debt in the Prentiss Acquisition, (iii) the assumption of
debt in the Prentiss Acquisition with a fair value of approximately $187.7 million (which is economically defeased as it is fully secured by a corresponding amount of U.S. treasury securities), (iv) the issuance by the Operating Partnership of
2,170,047 redeemable limited partnership units in the Prentiss Acquisition, (v) the issuance by the Operating Partnership of 34,446,446 general partnership units to Brandywine in the Prentiss Acquisition, and (vi)&nbsp;the use of the approximately
$138.3 million in proceeds from the sale of eight properties acquired in the Prentiss Acquisition to repay borrowings under our revolving credit facility and the assumption of approximately $114.2 million of mortgage debt by the purchaser of
one of those properties), and (3) on a &#147;further as adjusted&#148; basis to give effect to the consummation of this offering and the use of the proceeds therefrom as described in &#147;Use of Proceeds&#148; in this prospectus supplement. This table should be
read in conjunction with the consolidated financial statements and the notes thereto of Brandywine, the Operating Partnership and Prentiss incorporated by reference into this prospectus supplement and the accompanying prospectus.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="8" align="center"><font face="serif" size="1"><b>December</b>&nbsp;<b>31, 2005</b><br>
<hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center"><font face="serif" size="1"><b>Actual</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center"><font face="serif" size="1"><b>As adjusted</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center"><font face="serif" size="1"><b>Further</b><br>
<b>as adjusted</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="8" align="center"><font face="serif" size="1"><b>(dollars in thousands)</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Debt:</b></font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:3%"><font face="serif" size="2">Mortgage/secured notes payable</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">494,777</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">1,100,751</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">1,100,751</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><div style="margin-left:3%"><font face="serif" size="2">Revolving credit facility</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">90,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">146,700</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">54,345</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:3%"><font face="serif" size="2">Other unsecured debt</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">78,610</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">78,610</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><div style="margin-left:3%"><font face="serif" size="2">2007 Term Loan</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">750,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:3%"><font face="serif" size="2">4.34% Guaranteed Notes due 2008</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">113,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">113,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">113,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><div style="margin-left:3%"><font face="serif" size="2">4.50% Guaranteed Notes due 2009</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">274,727</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">274,727</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">274,727</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:3%"><font face="serif" size="2">Floating Rate Guaranteed Notes due 2009</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">300,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><div style="margin-left:3%"><font face="serif" size="2">5.625% Guaranteed Notes due 2010</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">299,976</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">299,976</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">299,976</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:3%"><font face="serif" size="2">5.75% Guaranteed
          Notes due 2012 (1)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">299,022</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><div style="margin-left:3%"><font face="serif" size="2">5.40% Guaranteed Notes due 2014</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">248,904</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">248,904</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">248,904</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:3%"><font face="serif" size="2">6.00% Guaranteed
          Notes due 2016 (2)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">248,645</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:6%"><font face="serif" size="2">Total debt</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1,521,384</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">3,012,668</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">3,017,980</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Redeemable limited partnership units at liquidation value: </b>1,945,267 as reported and 4,115,314 as adjusted and further as adjusted</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">54,300</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">118,403</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">118,403</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Partners&#146; equity:</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:6%; text-indent:-3%"><font face="serif" size="2">7.50% Series D Preferred Mirror Units: 2,000,000 issued and outstanding, as reported, as adjusted and further as adjusted</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">47,912</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">47,912</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">47,912</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><div style="margin-left:6%; text-indent:-3%"><font face="serif" size="2">7.50% Series E Preferred Mirror Units: 2,300,000 issued and outstanding, as reported, as adjusted and further as adjusted</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">55,538</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">55,538</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">55,538</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:6%; text-indent:-3%"><font face="serif" size="2">General partnership capital; issued and outstanding: 56,179,075 as reported and 90,625,521 as adjusted and further as adjusted</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">988,197</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">2,005,745</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">2,005,745</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><div style="margin-left:3%"><font face="serif" size="2">Accumulated other comprehensive loss</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(3,169</font></td>
    <td><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(3,169</font></td>
    <td><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(3,169</font></td>
    <td><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:6%"><font face="serif" size="2">Total Partners&#146; equity</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1,142,778</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">2,224,429</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">2,224,429</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Total capitalization</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">2,664,162</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">5,237,097</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">5,242,409</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><hr align="left" width="100" size=1 noshade></td>
  </tr>
  <tr>
    <td width="5%"><font size="2" face="serif">(1)</font></td>
    <td><font size="2" face="serif">Reflects discounts (i.e., public offering
        price below principal amount) equal to $0.978 million.</font></td>
  </tr>
  <tr>
    <td><font size="2" face="serif">&nbsp;</font></td>
    <td><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="serif">(2)</font></td>
    <td><font size="2" face="serif">Reflects discounts equal to $1.355 million.</font></td>
  </tr>
</table>




<p align="center"><font face="serif" size="2">S-7</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps8"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b><a name="ps8a"></a>SELECTED FINANCIAL DATA</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following table sets forth the Operating Partnership&#146;s audited selected financial data as of and for the years ended December&nbsp;31, 2005, 2004 and 2003 and should be read in conjunction with the consolidated financial statements and
the notes thereto incorporated by reference into this prospectus supplement and the accompanying prospectus from which our selected financial data is derived. The information below does not give effect to the Prentiss Acquisition. See
&#147;Summary &#151; Acquisition of Prentiss Properties Trust and Related Transactions&#148; in this prospectus supplement. In addition, Prentiss has not yet completed preparation of, or released, its audited consolidated financial statements as of and for
the year ended December&nbsp;31, 2005. However, Prentiss&#146; unaudited consolidated financial statements as of and for the nine months ended September&nbsp;30, 2005 are incorporated by reference in this prospectus supplement and the accompanying
prospectus. In addition, unaudited pro forma financial statements giving effect to the Prentiss Acquisition are incorporated by reference in this prospectus supplement from our current reports on Form 8-K/A filed on December 14, 2005 and
January 19, 2006.</font></p>
</div>
<p align="left"><font face="serif" size="2">&nbsp;</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="8" align="center" valign="bottom"><font face="serif" size="1"><b>Years Ended December</b>&nbsp;<b>31,</b><br>
<hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>2005</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>2004</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>2003</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="8" align="center" valign="bottom"><font face="serif" size="1"><b>(dollars in thousands, except per units amounts and number of properties)</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Operating Results:</b></font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Total revenue</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">391,460</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">325,221</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">303,089</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Income from continuing operations</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">41,976</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">60,281</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">85,126</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net income</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">44,013</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">63,081</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">96,467</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Income from continuing operations per common partnership unit:</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td><div style="margin-left:3%"><font face="serif" size="2">Basic</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.59</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1.09</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1.14</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%"><font face="serif" size="2">Diluted</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.58</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1.09</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1.13</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Earnings per common partnership unit:</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td><div style="margin-left:3%"><font face="serif" size="2">Basic</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.62</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1.15</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1.43</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%"><font face="serif" size="2">Diluted</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.62</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1.14</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1.43</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Cash distributions declared per common partnership unit</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1.78</font></td>
    <td valign="bottom"><font face="serif" size="2">(a)</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1.76</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1.76</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Balance Sheet Data:</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Real estate investments, net of accumulated depreciation</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,541,486</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,363,865</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,695,355</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Total assets</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,805,745</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,633,984</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,855,776</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Total indebtedness</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,521,384</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,306,669</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">867,659</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Total liabilities</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,662,967</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,443,934</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">951,484</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Series B preferred units</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">97,500</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Redeemable limited partnership units</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">54,300</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">60,586</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">46,505</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Partners&#146; equity</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,088,478</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,129,464</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">760,287</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Other Data:</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Cash flows from:</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td><div style="margin-left:3%"><font face="serif" size="2">Operating activities</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">125,147</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">153,183</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">118,793</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%"><font face="serif" size="2">Investing activities</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(252,417</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(682,945</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(34,068</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td><div style="margin-left:3%"><font face="serif" size="2">Financing activities</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">119,098</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">536,556</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(102,974</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Property Data:</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Number of properties owned at period end</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">251</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">246</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">234</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net rentable square feet (in thousands) at period end</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">19,600</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">19,150</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">15,733</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="100"><hr noshade size="1" align="left" width="100%"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">(a)</font></td>
    <td><div align="left"><font face="serif" size="2">Includes a $0.02 per common partnership unit distribution declared in December 2005 that was paid on January 17, 2006 to holders of record of common partnership units on January 4, 2006. See note 25 to the Operating Partnership&#146;s
consolidated financial statements for the year ended December 31, 2005 included in the Operating Partnership&#146;s annual report on Form 10-K for the year ended December 31, 2005, which is incorporated by reference into this prospectus
supplement.</font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">S-8</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps9"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b><a name="ps9a"></a>RATIOS OF EARNINGS TO FIXED CHARGES</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following table sets forth the Operating Partnership&#146;s ratios of earnings to fixed charges for the periods indicated.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="14" align="center"><font face="serif" size="1"><b>For the years</b><br>
<b>ended December</b>&nbsp;<b>31,</b><br>
<hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center"><font face="serif" size="1"><b>2005</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center"><font face="serif" size="1"><b>2004</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center"><font face="serif" size="1"><b>2003</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center"><font face="serif" size="1"><b>2002</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center"><font face="serif" size="1"><b>2001</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td height="15"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Ratio of earnings to fixed charges</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="serif" size="2">1.38</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="serif" size="2">1.93</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="serif" size="2">2.34</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="serif" size="2">1.77</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font face="serif" size="2">1.29</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">For the purpose of calculating the ratios of earnings to fixed charges, earnings have been calculated by adding fixed charges to income from continuing operations of the Operating Partnership, less capitalized interest and income from
unconsolidated equity method investments not distributed. Fixed charges consist of interest costs, whether expensed or capitalized, amortization of deferred financing costs, amortization of discounts or premiums related to indebtedness and the
Operating Partnership&#146;s share of interest expense from unconsolidated equity method investments.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The above ratios of earnings to fixed charges do not give effect to the significant new debt that we incurred in connection with the Prentiss Acquisition. See &#147;Summary &#151; Acquisition of Prentiss Properties Trust and Related
Transactions&#148; and &#147;Capitalization&#148; in this prospectus supplement. Accordingly, ratios of earnings to fixed charges for future years or periods may differ significantly from those in the above table.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-9</font></p>
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<p align="center"><font face="serif" size="2"></font><font face="serif" size="2"><b><a name="ps10a"></a>DESCRIPTION OF THE NOTES AND THE GUARANTEES</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><i>The following description of the particular terms of the notes and the guarantees offered by this prospectus supplement supplements the description of the general terms and provisions of the debt securities and the guarantees set forth in
the accompanying prospectus under &#147;Description of Debt Securities.&#148;</i></font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The notes and the guarantees will be issued under an indenture dated October&nbsp;22, 2004, as amended and supplemented, which Brandywine and the Operating Partnership have entered into with The Bank of New York, as trustee. The
indenture is subject to and is governed by the Trust Indenture Act of 1939, as amended. We have filed the indenture as an exhibit to the registration statement of which the accompanying prospectus forms a part, and the indenture is available
for inspection at the corporate trust office of The Bank of New York at 101 Barclay Street, Floor 8W, Attention: Corporate Trust Administration, New York, New York 10286. The following description summarizes selected provisions of the
indenture and the notes. It does not restate the indenture or the terms of the notes in their entirety. We urge you to read the forms of the indenture and the notes because the indenture and the notes, and not this description, define the rights of
holders of the notes.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>General</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In this prospectus supplement, we use the term &#147;notes&#148; to refer collectively to the 2009 notes, the 2012 notes and the 2016 notes. Each of the 2009 notes, the 2012 notes and the 2016 notes will, however, constitute separate series under
the indenture.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The notes will be unsecured obligations of the Operating Partnership and will rank equally with other unsecured debt of the Operating Partnership that is not subordinated to the notes. The notes are effectively subordinated to the secured
indebtedness of the Operating Partnership and Brandywine and to all indebtedness and other liabilities of the subsidiaries of the Operating Partnership. See &#147;Risk Factors &#151; Effective subordination of the notes and the guarantees may reduce
amounts available for payment of the notes and the guarantees&#148; in this prospectus supplement.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Brandywine will fully and unconditionally guarantee the due and punctual payment of principal of, and any applicable Make-Whole Amount and interest on, the notes. The guarantees will be unsecured and unsubordinated obligations of
Brandywine. Brandywine has, however, no material assets other than its interest in the Operating Partnership. See &#147;Risk Factors &#150; Brandywine has no material assets other than its investment in the Operating Partnership&#148; and &#147;&#151; Effective
subordination of the notes and the guarantees may reduce amounts available for payment of the notes and the guarantees&#148; in this prospectus supplement.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Each of the 2009 notes, the 2012 notes and the 2016 notes will be issued only in registered form in denominations of $5,000 and integral multiples of $1,000 in excess of that amount. Each of the 2009 notes, the 2012 notes and the
2016 notes will be issued in the form of one or more global securities. The Depository Trust Company, or DTC, will be the depositary with respect to the notes. Each of the 2009 notes, the 2012 notes and the 2016 notes will be issued as fully
registered securities in the name of Cede &amp; Co., DTC&#146;s nominee, and will be deposited with DTC.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The defeasance and covenant defeasance provisions of the indenture apply to the notes. The notes are not subject to repayment at the option of any holder before maturity. In addition, the notes will not be entitled to the benefit of any
sinking fund.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Claims against us for the payment of principal of, or any Make-Whole Amount or interest on, the notes and the guarantees must be made six years from the date the applicable payment was due.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We reserve the right to issue additional notes of any series, without limitation, without your consent. If we issue additional notes of a series offered by this prospectus supplement under the indenture, they will be equal in rank to the
notes of that series being offered by this prospectus supplement in all respects (except for</font></p>
</div>
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<p align="left"><font face="serif" size="2">the payment of interest accruing prior to the issue date of the additional notes) so that the additional notes may be consolidated and form a single series with the notes of that
series issued under this prospectus supplement.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">As used in this prospectus supplement, &#147;Business Day&#148; means any day, other than a Saturday or Sunday, on which banking institutions in New York City are not required or authorized by law or executive order to close, provided that,
with respect to the 2009 notes, the day is also a London Business Day. A &#147;London Business Day&#148; is a day on which dealings in deposits in U.S. dollars are transacted in the London interbank market.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Interest</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><i>2009 Notes</i></font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Interest on the 2009 notes will be
    paid quarterly in arrears on January 1, April 1, July 1 and October 1 of
    each year, beginning on July 1, 2006, to
    the persons in whose names the notes are registered at the close of business
    on the fifteenth calendar day immediately preceding the relevant interest
    payment date. Interest on the 2009 notes will be computed on the basis of
  the actual number of days in the relevant interest period and a 360-day year.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The 2009 notes will bear interest for each interest period at a rate determined by the calculation agent. The calculation agent is The Bank of New York until such time as we appoint a successor calculation agent. The interest rate on the
2009 notes for a particular interest period will be a per year rate equal to three-month LIBOR as determined on the interest determination date plus 0.45%. The interest determination date for an interest period will be the second London
Business Day preceding such interest period. (The determination for the initial interest period will be March 24, 2006.) Promptly upon determination, the calculation agent will inform the trustee and us of the interest rate for the next interest
period. Absent manifest error, the determination of the interest rate by the calculation agent shall be binding and conclusive on the holders of the 2009 notes, the trustee, the Operating Partnership and Brandywine.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">On any interest determination date, LIBOR will be equal to the offered rate for deposits in U.S. dollars having an index maturity of three months, in amounts of at least $1,000,000, as such rate appears on &#147;Telerate Page 3750&#148; at
approximately 11:00 a.m., London time, on such interest determination date. If on an interest determination date, such rate does not appear on the &#147;Telerate Page 3750&#148; as of 11:00 a.m., London time, or if the &#147;Telerate Page 3750&#148; is not
available on such date, the calculation agent will obtain such rate from Bloomberg L.P.&#146;s page &#147;BBAM.&#148;</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If no offered rate appears on &#147;Telerate Page 3750&#148; or Bloomberg L.P. page &#147;BBAM&#148; on an interest determination date at approximately 11:00 a.m., London time, then the calculation agent (after consultation with us) will select four
major banks in the London interbank market and shall request each of their principal London offices to provide a quotation of the rate at which three-month deposits in U.S. dollars in amounts of at least $1,000,000 are offered by it to prime
banks in the London interbank market, on that date and at that time, that is representative of single transactions at that time. If at least two quotations are provided, LIBOR will be the arithmetic average of the quotations provided. Otherwise,
the calculation agent will select three major banks in New York City and shall request each of them to provide a quotation of the rate offered by them at approximately 11:00 a.m., New York City time, on the interest determination date for
loans in U.S. dollars to leading European banks having an index maturity of three months for the applicable interest period in an amount of at least $1,000,000 that is representative of single transactions at that time. If three quotations are
provided, LIBOR will be the arithmetic average of the quotations provided. Otherwise, the rate of LIBOR for the next interest period will be set equal to the rate of LIBOR for the then current interest period.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Upon request from any holder of the 2009 notes, the calculation agent will provide the interest rate in effect for the 2009 notes for the current interest period and, if it has been determined, the interest rate to be in effect for the next
interest period.</font></p>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Dollar amounts resulting from such calculation will be rounded to the nearest cent, with one-half cent being rounded upward.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Interest on the 2009 notes will accrue from and including March 28, 2006, or from the most recent interest payment date to which interest has been paid or provided for to but excluding the relevant interest payment date. If an interest
payment date for the 2009 notes (other than the maturity date) falls on a day that is not a Business Day, the interest payment date shall be postponed to the next succeeding Business Day unless such next succeeding Business Day would be in
the following month, in which case, the interest payment date will be the immediately preceding Business Day. If the maturity date of the 2009 notes falls on a day which is not a Business Day, then we will make the required payment of
principal and interest on the following day which is a Business Day, as if it were made on the date the payment was due. Interest will not accrue as a result of any postponed or delayed payment in accordance with this paragraph.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><i>2012 Notes and 2016 Notes</i></font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The 2012 notes will bear interest at a rate of 5.75% per year, and the 2016 notes will bear interest at a rate of 6.00% per year. Interest on the 2012 notes and the 2016 notes will accrue from and including March 28, 2006. We will make
interest payments on the 2012 notes and the 2016 notes semi-annually in arrears on April 1 and October 1 of each year, commencing October 1, 2006, to the registered holders of such series of notes on the immediately preceding March 15 or
September 15, as the case may be.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Interest payments in respect of the 2012 notes and the 2016 notes will equal the amount of interest accrued from and including the immediately preceding interest payment date in respect of which interest has been paid or duly made
available for payment (or from and including the date of issue, if no interest has been paid or duly made available for payment with respect to such notes) to but excluding the applicable interest payment date or maturity date, as the case may
be.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Interest on the 2012 notes and the 2016 notes will be computed on the basis of a 360-day year of twelve 30-day months.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If any interest payment date, maturity date or redemption date with respect to the 2012 notes or the 2016 notes falls on a day that is not a Business Day, the required payment of principal, any applicable Make-Whole Amount, or interest
will be made on the next succeeding Business Day as if made on the date such payment was due, and no interest will accrue on such payment for the period from and after such interest payment date or maturity date, as the case may be, to
the date of such payment on the next succeeding Business Day.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Optional Redemption</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Operating Partnership may redeem the 2009 notes on any quarterly interest payment date on or after October 1, 2006, in whole or from time to time in part, at a redemption price equal to the sum of 100% of the aggregate principal
amount of the notes being redeemed plus accrued but unpaid interest on those notes to the redemption date.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Operating Partnership may redeem the 2012 notes and the 2016 notes at any time, in each case, in whole or from time to time in part, at a redemption price equal to the sum of 100% of the aggregate principal amount of the notes
being redeemed, accrued but unpaid interest on those notes to the redemption date, and the applicable Make-Whole Amount, if any, as defined below.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In the case of the 2012 notes and the 2016 notes, the Operating Partnership will pay the interest installment due on any interest payment date that occurs on or before a redemption date to the registered holders of the notes as of the
close of business on the record date immediately preceding that interest payment date.</font></p>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If the Operating Partnership has given notice as provided in the indenture and made funds available for the redemption of any notes called for redemption on the redemption date referred to in that notice, those notes will cease to bear
interest on that redemption date and the only right of the holders of those notes will be to receive payment of the redemption price.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Operating Partnership will give notice of any redemption of any notes to holders of the notes to be redeemed at their addresses, as shown in the security register for the notes, not more than 60 nor less than 30 days prior to the date
fixed for redemption. The notice of redemption will specify, among other items, the redemption price and the aggregate principal amount of the notes to be redeemed.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If the Operating Partnership chooses to redeem less than all of the notes of a series, it will notify The Bank of New York, as trustee under the indenture, at least 60 days before giving notice of redemption, or such shorter period as is
satisfactory to the trustee, of the aggregate principal amount of the notes to be redeemed and the applicable redemption date. The trustee will select, in the manner it deems fair and appropriate, the notes to be redeemed in part.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">As used in this prospectus supplement:</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Make-Whole Amount&#148; means, in connection with any optional redemption of the 2012 notes and the 2016 notes, the excess, if any, of (a) the aggregate present value as of the date of such redemption of each dollar of principal being
redeemed and the amount of interest, exclusive of interest accrued to the redemption date, that would have been payable in respect of each such dollar if such redemption had not been made, determined by discounting, on a semiannual basis,
such principal and interest at the Reinvestment Rate, determined on the third Business Day preceding the date notice of such redemption is given, from the respective dates on which such principal and interest would have been payable if such
redemption had not been made, to the date of redemption over (b) the aggregate principal amount of the notes being redeemed.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Reinvestment Rate&#148; means 0.15% in the case of the 2012 notes and 0.20% in the case of the 2016 notes, plus in each case the arithmetic mean of the yields under the heading &#147;Week Ending&#148; published in the most recent Statistical
Release under the caption &#147;Treasury Constant Maturities&#148; for the maturity, rounded to the nearest month, corresponding to the remaining life to maturity, as of the payment date of the principal amount of the notes being redeemed. If no
maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be
interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For the purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to
the date of determination of the Make-Whole Amount shall be used. If the format or content of the Statistical Release changes in a manner that precludes determination of the Treasury yield in the above manner, then the Treasury yield shall
be determined in the manner that most closely approximates the above manner, as reasonably determined by us.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Statistical Release&#148; means the statistical release designated &#147;H.15(519)&#148; or any successor publication which is published weekly by the Federal Reserve System and which reports yields on actively traded United States government
securities adjusted to constant maturities, or, if such statistical release is not published at the time of any required determination under the indenture, then such other reasonably comparable index which shall be designated by us.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Same-Day Payment</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We will make all payments due on the notes in immediately available funds so long as the notes are in book-entry form.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-13</font></p>
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<p align="left"><font face="serif" size="2"><b>Book-Entry, Delivery and Form</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We have obtained the information in this section concerning DTC and the book-entry system and procedures from sources that we believe to be reliable, but we take no responsibility for the accuracy of this information.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Each of the 2009 notes, the 2012 notes and the 2016 notes will be issued as fully-registered global notes which will be deposited with, or on behalf of, DTC, and registered, at the request of DTC, in the name of Cede &amp; Co. Beneficial
interests in the global notes will be represented through book-entry accounts of financial institutions acting on behalf of beneficial owners as direct or indirect participants in DTC. Beneficial interests in the global notes will be held in
denominations of $5,000 and whole multiples of $1,000 in excess of that amount. Except as set forth below, the global notes may be transferred, in whole and not in part, only to another nominee of DTC or to a successor of DTC or its
nominee.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We will make principal, any Make-Whole Amount and interest payments on all notes represented by a global note to the paying agent which in turn will make payment to DTC or its nominee, as the case may be, as the sole registered
owner and the sole holder of the notes represented by that global note for all purposes under the indenture. Accordingly, we, the trustee and any paying agent will have no responsibility or liability for:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">any aspect of DTC&#146;s records relating to, or payments made on account of, beneficial ownership interests in a note represented by a global note;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">any other aspect of the relationship between DTC and its participants or the relationship between those participants and the owners of beneficial interests in a global note held through those participants; or</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the maintenance, supervision or review of any of DTC&#146;s records relating to those beneficial ownership interests.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">DTC has advised us that its current practice is to credit participants&#146; accounts on each payment date with payments in amounts proportionate to their respective beneficial interests in the principal amount of such global note as shown on
DTC&#146;s records, upon DTC&#146;s receipt of funds and corresponding detail information. The underwriters will initially designate the accounts to be credited. Payments by participants to owners of beneficial interests in a global note will be
governed by standing instructions and customary practices, as is the case with securities held for customer accounts registered in &#147;street name,&#148; and will be the sole responsibility of those participants. Book-entry notes may be more difficult to
pledge because of the lack of a physical note.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><i>DTC</i></font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">So long as DTC or its nominee is the registered owner of a global note, DTC or its nominee, as the case may be, will be considered the sole owner and holder of the notes represented by that global note for all purposes of the notes.
Owners of beneficial interests in the notes will not be entitled to have notes registered in their names, will not receive or be entitled to receive physical delivery of the notes in definitive form and will not be considered owners or holders of
notes under the indenture. Accordingly, each person owning a beneficial interest in a global note must rely on the procedures of DTC and, if that person is not a DTC participant, on the procedures of the participant through which that person
owns its interest, to exercise any rights of a holder of notes. The laws of some jurisdictions require that certain purchasers of securities take physical delivery of the securities in certificated form. These laws may impair the ability to transfer
beneficial interests in a global note. Beneficial owners may experience delays in receiving distributions on their notes since distributions will initially be made to DTC and must then be transferred through the chain of intermediaries to the
beneficial owner&#146;s account.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-14</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We understand that, under existing industry practices, if we request holders to take any action, or if an owner of a beneficial interest in a global note desires to take any action which a holder is entitled to take under the indenture, then
DTC would authorize the participants holding the relevant beneficial interests to take that action and those participants would authorize the beneficial owners owning through such participants to take that action or would otherwise act upon the
instructions of beneficial owners owning through them.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Beneficial interests in a global note will be shown on, and transfers of those ownership interests will be effected only through, records maintained by DTC and its participants for that global note. The conveyance of notices and other
communications by DTC to its participants and by its participants to owners of beneficial interests in the notes will be governed by arrangements among them, subject to any statutory or regulatory requirements in effect.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">DTC has advised us that it is a limited-purpose trust company organized under the New York banking law, a &#147;banking organization&#148; within the meaning of the New York Banking Law, a member of the Federal Reserve System, a
&#147;clearing corporation&#148; within the meaning of the New York Uniform Commercial Code and a &#147;clearing agency&#148; registered under the Securities Exchange Act of 1934.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">DTC holds the securities of its participants and facilitates the clearance and settlement of securities transactions among its participants in such securities through electronic book-entry changes in accounts of its participants. The electronic
book-entry system eliminates the need for physical certificates. DTC&#146;s participants include securities brokers and dealers, including the underwriters, banks, trust companies, clearing corporations and certain other organizations, some of which,
and/or their representatives, own DTC. Banks, brokers, dealers, trust companies and others that clear through or maintain a custodial relationship with a participant, either directly or indirectly, also have access to DTC&#146;s book-entry system. The
rules applicable to DTC and its participants are on file with the SEC.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">DTC has advised us that the above information with respect to DTC has been provided to its participants and other members of the financial community for informational purposes only and is not intended to serve as a representation,
warranty or contract modification of any kind.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Global Clearance and Settlement Procedures</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Initial settlement for the notes will be made in immediately available funds. Secondary market trading between DTC participants will occur in the ordinary way in accordance with DTC rules and will be settled in immediately available
funds using DTC&#146;s Same-Day Funds Settlement System.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Definitive Notes and Paying Agents</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In the event DTC discontinues providing its services as securities depository or ceases to be a clearing agency registered under the Securities Exchange Act of 1934, we decide to discontinue use of the system of book-entry transfers
through DTC, or an event of default with respect to the applicable series of notes occurs, then the beneficial owners will be notified through the chain of intermediaries that definitive notes of such series are available. Beneficial owners of
global notes of the applicable series will then be entitled (1) to receive physical delivery in certificated form of definitive notes of such series equal in principal amount to their beneficial interest and (2) to have the definitive notes of such
series registered in their names. The definitive notes will be issued in denominations of $5,000 and whole multiples of $1,000 in excess of that amount. Definitive notes will be registered in the name or names of the person or persons DTC
specifies in a written instruction to the registrar of the applicable series of notes. DTC may base its written instruction upon directions it receives from its participants. Thereafter, the holders of the definitive notes will be recognized as the
&#147;holders&#148; of the notes of the applicable series under the indenture.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The indenture provides for the replacement of a mutilated, lost, stolen or destroyed definitive note, so long as the applicant furnishes to the Operating Partnership and Brandywine and the trustee such security or indemnity and such
evidence of ownership as they may require.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-15</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In the event definitive notes are issued, the holders of definitive notes will be able to receive payments of principal of, and any Make-Whole Amount and interest on, their notes at the office of the Operating Partnership&#146;s paying agent
maintained in the Borough of Manhattan, The City of New York. Payment of principal of, or any Make-Whole Amount on, a definitive note may be made only against surrender of the note to the Operating Partnership&#146;s paying agent. The
Operating Partnership has the option, however, of making payments of interest by mailing checks to the address of the holder appearing in the security register maintained by the registrar of the applicable series of notes.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Operating Partnership&#146;s paying agent in the Borough of Manhattan is currently the corporate trust office of The Bank of New York, located at 101 Barclay Street, 8W, New York, New York 10286.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In the event definitive notes are issued, the holders of definitive notes will be able to transfer their notes, in whole or in part, by surrendering the notes for registration of transfer at the office of The Bank of New York, duly endorsed by
or accompanied by a written instrument of transfer in form satisfactory to the Operating Partnership and the securities registrar. A form of such instrument of transfer will be obtainable at the offices of The Bank of New York. Upon surrender,
the Operating Partnership will execute, and the trustee will authenticate and deliver new notes of the applicable series to the designated transferee in the amount being transferred, and a new note of the applicable series for any amount not
being transferred will be issued to the transferor. The Operating Partnership will not charge any fee for the registration of transfer or exchange, except that the Operating Partnership may require the payment of a sum sufficient to cover any
applicable tax or other governmental charge payable in connection with the transfer.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Governing Law</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The notes, the guarantees and the indenture will be governed by, and construed in accordance with, the laws of the State of New York.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-16</font></p>
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<p align="center"><font face="serif" size="2"><b><a name="ps17a"></a>UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following discussion summarizes the material United States federal income tax consequences of the purchase, ownership and disposition of the notes. The following discussion does not purport to be a complete analysis of all
potential tax effects. The discussion is based upon the Internal Revenue Code of 1986, or the Code, United States Treasury Regulations, Internal Revenue Service, or IRS, rulings and pronouncements and judicial decisions now in effect, all of
which are subject to change at any time. Any such change may be applied retroactively in a manner that could adversely affect a holder of the notes. The discussion does not address all of the United States federal income tax consequences
that may be relevant to a holder in light of such holder&#146;s particular circumstances or to holders subject to special rules, such as certain financial institutions, insurance companies, dealers in securities or currencies, regulated investment
companies, real estate investment trusts, traders in securities electing the mark-to-market method of accounting, persons liable for alternative minimum tax, controlled foreign corporations, passive foreign investment companies, S corporations
or partnerships, expatriates, tax-exempt organizations, persons holding the notes as part of a straddle, hedge or conversion transaction, and United States Holders (as defined below) with a functional currency other than the U.S. dollar.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In addition, this discussion is limited to persons who purchase the notes for cash at the issue price shown on the front cover of this prospectus supplement. Moreover, the effect of any applicable state, local or foreign tax laws or of
United States federal tax law other than income taxation is not discussed. The discussion deals only with notes held as &#147;capital assets&#148; within the meaning of Section 1221 of the Code.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">As used in this discussion, &#147;United States Holder&#148; means a beneficial owner of the notes that is:</font></p>
</div>
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  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">an individual citizen or resident of the United States;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">a corporation, or other entity treated as a corporation for United States federal income tax purposes, created or organized in or under the laws of the United States or a political subdivision thereof;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">an estate, the income of which is subject to United States federal income taxation regardless of its source; or</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">a trust if (1) a United States court is able to exercise primary supervision over the administration of the trust and one or more United States persons have authority to control all substantial decisions of the trust, or (2) the trust was in
existence on August&nbsp;20, 1996 and has elected to continue to be treated as a United States person.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">As used in this discussion, a &#147;non-United States Holder&#148; means a beneficial owner of the notes that is a non-resident alien individual or a corporation or other entity treated as a corporation, trust or estate for United States federal
income tax purposes that is not a United States Holder.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If a partnership, including for this purpose any entity treated as a partnership for United States tax purposes, is a beneficial owner of the notes, the treatment of a partner in the partnership will generally depend upon the status of the
partner and upon the activities of the partnership. A holder of notes that is a partnership, and partners in such partnership, are urged to consult their tax advisors about the United States federal income tax consequences of purchasing, owning
and disposing of the notes.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Persons considering the purchase of a note are urged to consult their tax advisors with regard to the application of the tax consequences discussed below to their particular situations, as well as the application of any state, local, foreign
or other tax laws, including gift and estate tax laws.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-17</font></p>
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<p align="left"><font face="serif" size="2"><b>United States Holders</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><i>Interest</i></font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The stated interest on the notes generally will be taxable to a United States Holder as ordinary income at the time that it is paid or accrued, in accordance with the United States Holder&#146;s method of accounting for United States federal
income tax purposes.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><i>Sale or Retirement of a Note</i></font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">A United States Holder of a note will recognize gain or loss upon the sale, retirement, redemption or other taxable disposition of such note in an amount equal to the difference between:</font></p>
</div>
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    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the amount of cash and the fair market value of other property received in exchange for such note, other than amounts attributable to accrued but unpaid stated interest, which will be subject to tax as ordinary income to the extent not
previously included in income; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the United States Holder&#146;s adjusted tax basis in such note, which will, in general, be the price paid for the note by the United States Holder.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Any gain or loss recognized will generally be capital gain or loss, and such capital gain or loss will generally be long-term capital gain or loss if the note has been held by the United States Holder for more than one year. Long-term
capital gain for non-corporate taxpayers is subject to reduced rates of United States federal income taxation. The deductibility of capital losses is subject to certain limitations.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Non-United States Holders</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><i>Interest</i></font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Interest paid to a non-United States Holder of the notes will not be subject to United States federal withholding tax under the &#147;portfolio interest exception,&#148; provided that:</font></p>
</div>
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  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">interest paid on the notes is not effectively connected with a non-United States Holder&#146;s conduct of a trade or business in the United States;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the non-United States Holder does not actually or constructively own 10% or more of the capital or profits interest in the Operating Partnership;</font></div></td>
  </tr>
</table>
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  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the non-United States Holder is not</font></div></td>
  </tr>
</table>
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  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">a controlled foreign corporation that is related to us through stock ownership, or</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">a bank that receives such interest on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the beneficial owner of the note provides a certification, which is generally made on an IRS Form W-8BEN or a suitable substitute form and signed under penalties of perjury, that it is not a United States person.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">An interest payment to a non-United States Holder that does not qualify for the portfolio interest exception and that is not effectively connected to a United States trade or business will be subject to United States federal withholding tax
at a rate of 30%, unless a United States income tax treaty applies to reduce or eliminate withholding.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">A non-United States Holder will generally be subject to tax in the same manner as a United States Holder with respect to payments of interest if such payments are effectively connected with the conduct of a trade or business by the
non-United States Holder in the United States and, if an applicable tax treaty provides, such interest is attributable to a United States permanent establishment maintained by the non-United States Holder. In some circumstances, such
effectively connected income received by a non-United States Holder which is a</font></p>
</div>
<p align="center"><font face="serif" size="2">S-18</font></p>
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<p align="left"><font face="serif" size="2">corporation may be subject to an additional &#147;branch profits tax&#148; at a 30% base rate or, if applicable, a lower treaty rate.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">To claim the benefit of a lower treaty rate or to claim exemption from withholding because the income is effectively connected with a United States trade or business, the non-United States Holder must provide a properly executed IRS
Form W-8BEN or IRS Form W-8ECI, or a suitable substitute form, as applicable, prior to the payment of interest. Such certificate must contain, among other information, the name and address of the non-United States Holder.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Non-United States Holders are urged to consult their own tax advisors regarding applicable income tax treaties, which may provide different rules.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><i>Sale or Retirement of a Note</i></font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">A non-United States Holder generally will not be subject to United States federal income tax or withholding tax on gain realized on the sale, exchange or redemption of a note unless:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the non-United States Holder is an individual who is present in the United States for 183 days or more in the taxable year of the sale, exchange or redemption, and certain other conditions are met; or</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the gain is effectively connected with the conduct of a trade or business of the non-United States Holder in the United States and, if an applicable tax treaty so provides, such gain is attributable to a United States permanent establishment
maintained by such holder.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Except to the extent that an applicable tax treaty provides otherwise, a non-United States Holder will generally be subject to tax in the same manner as a United States Holder with respect to gain realized on the sale, exchange or
redemption of a note if such gain is effectively connected with the conduct of a trade or business by the non-United States Holder in the United States and, if an applicable tax treaty provides, such gain is attributable to a United States
permanent establishment maintained by the non-United States Holder. In certain circumstances, a non-United States Holder that is a corporation will be subject to an additional &#147;branch profits tax&#148; at a 30% rate or, if applicable, a lower treaty
rate on such income.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Information Reporting and Backup Withholding</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Certain non-corporate United States Holders may be subject to information reporting requirements on payments of principal and interest on a note and payments of the proceeds of the sale or redemption of a note, and backup
withholding, currently imposed at a rate of 28%, may apply to such payment if the United States Holder:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">fails to furnish an accurate taxpayer identification number, or TIN, to the payor in the manner required;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">is notified by the IRS that it has failed to properly report payments of interest or dividends; or</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">under certain circumstances, fails to certify, under penalties of perjury, that it has furnished a correct TIN and that it has not been notified by the IRS that it is subject to backup withholding.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">A non-United States Holder is generally not subject to backup withholding with respect to interest payments on the notes if it certifies as to its status as a non-United States Holder under penalties of perjury or if it otherwise establishes
an exemption, provided that neither we nor our paying agent has actual knowledge or reason to know that the non-United States Holder is a United States person or that the conditions of any other exemptions are not, in fact, satisfied.
Information reporting requirements, however, will apply to payments of interest to non-United States Holders where such interest is subject to withholding or exempt from United States withholding tax pursuant to a tax treaty. Copies of these
information returns may also be made available under the provisions of a specific treaty or agreement to the tax authorities of the country in which the non-United States Holder resides.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-19</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps20"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The payment of the proceeds from the disposition of notes to or through the United States office of any broker, United States or foreign, will be subject to information reporting and possible backup withholding unless the owner certifies
as to its non-United States status under penalties of perjury or otherwise establishes an exemption, provided that the broker does not have actual knowledge or reason to know that the non-United States Holder is a United States person or that
the conditions of any other exemption are not, in fact, satisfied.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The payment of the proceeds from the disposition of a note to or through a non-United States office of a non-United States broker that is not a &#147;United States related person&#148; generally will not be subject to information reporting or
backup withholding. For this purpose, a &#147;United States related person&#148; is:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">a controlled foreign corporation for United States federal income tax purposes;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">a foreign person 50% or more of whose gross income from all sources for the three-year period ending with the close of its taxable year preceding the payment, or for such part of the period that the broker has been in existence, is derived
from activities that are effectively connected with the conduct of a United States trade or business; or</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">a foreign partnership that at any time during the partnership&#146;s taxable year is either engaged in the conduct of a trade or business in the United States or of which 50% or more of its income or capital interests are held by United States
persons.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In the case of the payment of proceeds from the disposition of notes to or through a non-United States office of a broker that is either a United States person or a United States related person, the payment may be subject to information
reporting unless the broker has documentary evidence in its files that the owner is a non-United States Holder and the broker has no knowledge or reason to know to the contrary. Backup withholding will not apply to payments made through
foreign offices of a broker that is a United States person or a United States related person, absent actual knowledge that the payee is a United States person.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules from a payment to a Holder will be allowed as a refund or a credit against such Holder&#146;s United States federal income tax liability,
provided that the requisite procedures are followed.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Holders of the notes are urged to consult their tax advisors regarding their qualification for exemption from backup withholding and the procedure for obtaining such an exemption, if applicable.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-20</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps21"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b><a name="ps21a"></a>UNDERWRITING</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Under the terms and subject to the conditions in the underwriting agreement dated the date of this prospectus supplement, we have agreed to sell to each of the underwriters named below, and each of the underwriters has severally and
not jointly, agreed to purchase, the principal amount of each of the series of notes set forth opposite its name below:</font></p>
</div>
<p align="left"><font face="serif" size="2">&nbsp;</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr align="center" valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>Underwriter</b></font></div></td>
    <td align="left"><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2"><font face="serif" size="1"><b>Principal</b><br>
<b>Amount of</b><br>
<b>2009 Notes</b></font></td>
    <td align="left"><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2"><font face="serif" size="1"><b>Principal</b><br>
<b>Amount of</b><br>
<b>2012 Notes</b></font></td>
    <td align="left"><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2"><font face="serif" size="1"><b>Principal</b><br>
<b>Amount of</b><br>
<b>2016 Notes</b></font></td>
    <td align="left"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">J.P. Morgan Securities Inc.</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" width="10%"><font face="serif" size="2">68,010,000</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" width="10%"><font face="serif" size="2">68,010,000</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" width="10%"><font face="serif" size="2">56,650,000</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Merrill Lynch, Pierce, Fenner &amp; Smith</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">68,010,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">68,010,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">56,650,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Wachovia Capital Markets, LLC</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">68,010,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">68,010,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">56,650,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Greenwich
          Capital Markets, Inc.</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">18,000,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">18,000,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">15,000,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Wells Fargo Securities, LLC</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">18,000,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">18,000,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">15,000,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Commerzbank
          Capital Markets Corp.</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">14,010,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">14,010,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">11,650,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Piper
          Jaffray &amp; Co.</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">14,010,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">14,010,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">11,650,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">SunTrust Capital Markets, Inc.</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">14,010,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">14,010,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">11,650,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">BNY Capital Markets, Inc.</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">9,970,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">9,970,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">8,350,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">PNC Capital Markets LLC</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td align="right"><font face="serif" size="2">7,970,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">7,970,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">6,750,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td><div style="margin-left:3%"><font face="serif" size="2">Total</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">300,000,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">300,000,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right"><font face="serif" size="2">250,000,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Under the underwriting agreement, if the underwriters take any of the notes, then the underwriters are obligated to take and pay for all of the notes.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Each of the 2009 notes, the 2012 notes and the 2016 notes represents a new issue of securities with no established trading market. The underwriters have advised us that they intend to make a market in each series of notes, but they are
not obligated to do so. The underwriters may discontinue any market making in any series of notes at any time at their sole discretion. Accordingly, we cannot assure you that a liquid trading market for any series of notes will develop and be
sustained, that you will be able to sell your notes at a particular time or that the prices you receive when you sell will be favorable.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The underwriters initially propose to offer part of the notes directly to the public at the offering prices described on the cover page and part to certain dealers at a price that represents a concession not in excess of 0.30% of the principal
amount of the 2009 notes, 0.35% of the principal amount of the 2012 notes and 0.40% of the principal amount of the 2016 notes. Any underwriter may allow, and any such dealer may reallow, a concession not in excess of 0.175% of the
principal amount of the 2009 notes, 0.25% of the principal amount of the 2012 notes and 0.25% of the principal amount of the 2016 notes to certain other dealers. After the initial offering of the notes, the underwriters may from time to time
vary the offering price and other selling terms.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We have also agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended, or to contribute to payments which the underwriters may be required to make in respect of
any such liabilities.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In connection with the offering of the notes, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of each series of notes. Specifically, the underwriters may overallot in connection with this
offering, creating a syndicate short position. In addition, the underwriters may bid for, and purchase, notes in the open market to cover syndicate short positions or to stabilize the price of any of the notes. Finally, the underwriting syndicate
may reclaim selling concessions allowed for distributing the notes in this offering if the syndicate repurchases previously distribute notes in a syndicate covering transaction, a stabilization transaction or otherwise. Any of these activities may
stabilize or maintain the market price of any of the notes above independent market levels. The underwriters are not required to engage in any of these activities, and may end any of them at any time.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Expenses associated with this offering, to be paid by us, are estimated to be $500,000.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-21</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps22"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In the ordinary course of their respective businesses, certain of the underwriters and their affiliates have engaged, and may in the future engage, in commercial banking and/or investment banking transactions with us and our affiliates.
J.P. Morgan Securities Inc. was a lead arranger of the 2007 Term Loan and our revolving credit facility and its commercial bank affiliate is the administrative agent under both facilities. Affiliates of J.P. Morgan Securities Inc., Wachovia
Capital Markets, LLC, Wells Fargo Securities, LLC, Commerzbank Capital Markets Corp., SunTrust Capital Markets, Inc., BNY Capital Markets, Inc. and PNC Capital Markets LLC, each of which is an underwriter in this offering, are
lenders, in the aggregate, of approximately 64.6% of the outstanding borrowings under the 2007 Term Loan and of approximately 43.0% of the outstanding borrowings under our revolving credit facility. Because more than 10% of the net
proceeds of this offering may be paid to affiliates of the underwriters, this offering is being conducted pursuant to NASD Conduct Rule 2710(h). In addition, The Bank of New York, an affiliate of BNY Capital Markets, Inc., is the trustee under the
indenture governing the notes.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b><a name="ps22a"></a>WHERE YOU CAN FIND MORE INFORMATION</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Brandywine and the Operating Partnership file annual, quarterly and current reports, proxy statements and other information with the SEC. You can inspect and copy these reports, proxy statements and other information at the public
reference facilities of the SEC at the SEC&#146;s Public Reference Room located at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the Public Reference Room.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The SEC also maintains an Internet web site that contains reports, proxy statements and other information regarding issuers, including Brandywine and the Operating Partnership, that file electronically with the SEC. The address of that
site is http://www.sec.gov. Further, you may inspect reports, proxy statements and other information concerning Brandywine at the offices of the New York Stock Exchange, which are located at 20 Broad Street, New York, New York 10005.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b><a name="ps22b"></a>INCORPORATION BY REFERENCE</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The SEC allows us to &#147;incorporate by reference&#148; information into this prospectus supplement and the accompanying prospectus. This means that we can disclose important information to you by referring you to another document. Any
information referred to in this way is considered part of this prospectus supplement and the accompanying prospectus from the date we file that document.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We incorporate by reference into this prospectus supplement and the accompanying prospectus the following documents or information filed with the SEC (other than, in each case, documents or information deemed furnished and not
filed in accordance with SEC rules, and no such information shall be deemed specifically incorporated by reference hereby):</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Brandywine&#146;s annual report on Form 10-K for the fiscal year ended December&nbsp;31, 2005 filed with the SEC on March&nbsp;16, 2006 (as amended by Form 10-K/A filed on March&nbsp;22, 2006);</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Operating Partnership&#146;s annual report on Form 10-K for the fiscal year ended December&nbsp;31, 2005 filed with the SEC on March&nbsp;22, 2006;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Brandywine current reports on Form 8-K filed with the SEC on October&nbsp;5, 2005 (as amended by Form 8-K/A filed on December&nbsp;14, 2005), January&nbsp;10, 2006 (as amended by Form 8-K/A filed on January&nbsp;19, 2006), February&nbsp;15, 2006
and March&nbsp;17, 2006;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Operating Partnership current reports on Form 8-K filed with the SEC on October&nbsp;5, 2005 (as amended by Form 8-K/A filed on December&nbsp;14, 2005), January&nbsp;10, 2006 (as amended by Form 8-K/A filed on January&nbsp;19, 2006),
February&nbsp;15, 2006 and March&nbsp;17, 2006;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Registration Statement on Form 8-A of Brandywine filed on October 14, 1997;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Registration Statement on Form 8-A of Brandywine filed on December 29, 2003;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Registration Statement on Form 8-A of Brandywine filed on February 5, 2004; and</font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">S-22</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps23"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">All documents filed by us under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 on or after the date of this prospectus supplement and before the termination of this offering.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">You can obtain copies of any of the documents incorporated by reference in this prospectus supplement and the accompanying prospectus from us or through the SEC or the SEC&#146;s web site described above. Documents incorporated by
reference are available from us, without charge, excluding all exhibits unless specifically incorporated by reference as an exhibit to this prospectus supplement and the accompanying prospectus.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">You may obtain documents incorporated by reference in this prospectus supplement and the accompanying prospectus by writing us at the following address or calling us at the telephone number listed below:</font></p>
</div>
<p align="center"><font face="serif" size="2"></font><font face="serif" size="2">BRANDYWINE REALTY TRUST<br>
401 Plymouth Road, Suite 500<br>
Plymouth Meeting, PA 19462<br>
Telephone: (610) 832-4907</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We also maintain a web site at http://www.brandywinerealty.com through which you can obtain copies of documents that we have filed with the SEC. The contents of that site are not incorporated by reference in or otherwise a part of
this prospectus supplement or the accompanying prospectus.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b><a name="ps23a"></a>LEGAL MATTERS</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The validity of the notes and the guarantees will be passed upon for Brandywine Operating Partnership, L.P. and Brandywine Realty Trust by Pepper Hamilton LLP. Certain legal matters related to the offering will be passed upon for
the underwriters by Simpson Thacher &amp; Bartlett LLP.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b><a name="ps24a"></a>EXPERTS</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The financial statements and management&#146;s assessment of the effectiveness of internal control over financial reporting (which is included in management&#146;s report on internal control over financial reporting) of Brandywine Realty Trust
incorporated in this prospectus supplement and the accompanying prospectus by reference to Brandywine&#146;s annual report on Form 10-K for the year ended December&nbsp;31, 2005 have been so incorporated in reliance on the report (which
contains an explanatory paragraph on management&#146;s assessment of the effectiveness of internal control over financial reporting and on the effectiveness of internal control over financial reporting due to the exclusion of Brandywine&#146;s
investments in Four and Six Tower Bridge Associates from management&#146;s assessment of internal control over financial reporting as of December 31, 2005) of PricewaterhouseCoopers LLP, an independent registered public accounting firm,
given on the authority of said firm as experts in auditing and accounting.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The financial statements of Brandywine Operating Partnership incorporated in this prospectus supplement and the accompanying prospectus by reference to the Operating Partnership&#146;s Annual Report on Form 10-K for the year ended
December&nbsp;31, 2005 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The audited historical financial statements and management&#146;s assessment of the effectiveness of internal control over financial reporting of Prentiss Property Trust included as Exhibit 99.1 to Brandywine&#146;s and the Operating Partnership&#146;s
current reports on Form 8-K/A dated December 14, 2005 have been incorporated in reliance on the report of PricewaterhouseCoopers LLP, and independent registered public accounting firm, given on the authority of said firm as experts in
auditing and accounting.</font></p>
</div>
<p align="center"><font face="serif" size="2">S-23</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ps23"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="3"><b>PROSPECTUS</b></font></p>
<p align="center"><font face="serif" size="2"></font><font face="serif" size="2"></font><font face="serif" size="3"><b>BRANDYWINE
      REALTY TRUST</b><br>
      <br>
  </font><font face="serif" size="3"><b>Preferred Shares</b><br>
  <br>
  <b>Common Shares</b><br>
  <br>
  <b>Depositary Shares</b><br>
  <br>
  <b>and</b><br>
  <br>
  <b>Warrants</b></font></p>
<p align="center">
<div align="center"><font face="serif" size="2"></font></div>
<hr align="center" width="200" size="1" noshade>
<br>
<div align="center"><font size="2" face="serif"><b>BRANDYWINE OPERATING PARTNERSHIP,
      L.P.</b><br>
</font></div>
<div align="center">
  <div align="center"><font face="serif" size="3"><b>Debt Securities</b></font><br>
  </div>
  <hr size="1" width="200" noshade>
  <p></p>
  <div style="text-indent:3%">
    <p align="left"><font face="serif" size="2">Brandywine Realty Trust may offer
        from time to time its common shares, preferred shares, depository shares
        or warrants under this prospectus. The common shares of Brandywine Realty
        Trust are listed on the New York Stock Exchange under the symbol &#147;BDN.&#148;</font></p>
  </div>
  <div style="text-indent:3%">
    <p align="left"><font face="serif" size="2">Brandywine Operating Partnership,
        L.P. may offer from time to time its debt securities in one or more series
        under this prospectus. Brandywine Realty Trust will unconditionally guarantee
        the payment obligations of the debt securities.</font></p>
  </div>
  <div style="text-indent:3%">
    <p align="left"><font face="serif" size="2">Common Shares also may be offered
        and resold by securityholders under this prospectus at any time at market
        prices prevailing at the time of sale or at privately negotiated prices.
        We, or any selling securityholder selling Common Shares, may offer and
        sell these securities to or through one or more underwriters, dealers
        and agents, or directly to purchasers, on a continuous or delayed basis.</font></p>
  </div>
  <div style="text-indent:3%">
    <p align="left"><font face="serif" size="2">This prospectus describes some
        of the general terms that may apply to these securities. The specific
        terms of any securities to be offered will be described in a supplement
        to this prospectus.</font></p>
  </div>
  <p align="center">
  <hr size="1" width="200" noshade>
  <p></p>
  <div style="text-indent:3%">
    <p align="left"><font face="serif" size="2"><b>You should carefully read
          and consider this prospectus, the applicable prospectus supplement
          and the risk factors included in the applicable prospectus supplement
          and/or in our periodic reports and other information that we file with
          the Securities and Exchange Commission before investing in our securities.</b></font></p>
  </div>
  <p align="center">
  <hr size="1" width="200" noshade>
  <p></p>
  <div style="text-indent:3%">
    <p align="left"><font face="serif" size="2"><b>Neither the Securities and
          Exchange Commission nor any state securities commission has approved
          or disapproved of these securities or passed upon the accuracy or adequacy
          of this Prospectus. Any representation to the contrary is a criminal
          offense.</b></font></p>
  </div>
  <p align="center"><font face="serif" size="2">The date of this prospectus is
      January&nbsp;24, 2006.</font></p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always"></div>
</div>
<page> <a name="index"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"></font><font face="serif" size="2"><b>TABLE
      OF CONTENTS</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1"><b>Page</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">ABOUT
          THIS PROSPECTUS</font></div>
    </td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">1</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">WHERE
          YOU CAN FIND MORE INFORMATION</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">INCORPORATION
          BY REFERENCE</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">CAUTIONARY
          STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">BRANDYWINE
          AND THE OPERATING PARTNERSHIP</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">USE
          OF PROCEEDS</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">RATIOS
          OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES
          AND PREFERRED SHARE DISTRIBUTIONS</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">7</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">DESCRIPTION
          OF THE DEBT SECURITIES</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">8</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">DESCRIPTION
          OF THE SHARES OF BENEFICIAL INTEREST</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">25</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">DESCRIPTION
          OF THE DEPOSITARY SHARES</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">29</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">DESCRIPTION
          OF THE WARRANTS</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">33</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">PROVISIONS
          OF MARYLAND LAW AND OF BRANDYWINE&#146;S DECLARATION OF TRUST AND BYLAWS</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">34</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">SELLING
          SECURITYHOLDERS</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">38</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">MATERIAL
          FEDERAL INCOME TAX CONSEQUENCES</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">39</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">PLAN
          OF DISTRIBUTION</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">59</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td height="16"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">LEGAL
          MATTERS</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">60</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">EXPERTS</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">60</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">You should rely only on the information
      contained or incorporated by reference in this prospectus and any prospectus
      supplement. We have not authorized any dealer, salesman or other person
      to provide you with additional or different information. This prospectus
      and any prospectus supplement are not an offer to sell or the solicitation
      of an offer to buy any securities other than the securities to which they
      relate and are not an offer to sell or the solicitation of an offer to
      buy securities in any jurisdiction to any person to whom it is unlawful
      to make an offer or solicitation in that jurisdiction. You should not assume
      that the information in this prospectus or any prospectus supplement or
      in any document incorporated by reference in this prospectus or any prospectus
      supplement is accurate as of any date other than the date of the document
      containing the information.</font></p>
</div>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p1"></a>
<p><font size="2" face="serif"><a href="#index">Back to Contents</a></font></p>
<p align="center"><font face="serif" size="2"><b><a name="p1a"></a>ABOUT THIS
      PROSPECTUS</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">This prospectus is part of a registration
      statement on Form S-3 that we filed with the Securities and Exchange Commission
      utilizing a &#147;shelf&#148; registration process. Under the shelf registration
      statement, Brandywine Realty Trust may sell any combination of common shares,
      preferred shares, depositary shares and warrants in one or more offerings,
      and Brandywine Operating Partnership, L.P. may sell debt securities of
      various terms in one or more offerings.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Under the shelf registration statement,
      persons who have acquired Common Shares from us may sell these Common Shares
      in one or more offerings. We will not receive any proceeds from the resale
      by any such selling securityholders of Common Shares.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">As used in this prospectus and
      the registration statement on Form S-3 of which this prospectus is a part,
      unless the context otherwise requires, references to &#147;Brandywine&#148; refer
      to Brandywine Realty Trust, a Maryland real estate investment trust, or &#147;REIT&#148;;
      references to the &#147;Operating Partnership&#148; refer to Brandywine
      Operating Partnership, L.P., a Delaware limited partnership; and references
      to &#147;we,&#148; &#147;us,&#148; &#147;our&#148; or similar expressions
      refer collectively to Brandywine Realty Trust and its consolidated subsidiaries
      (including the Operating Partnership) unless the context otherwise indicates.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">This prospectus provides you with
      a general description of the securities that we or the selling securityholders,
      may offer. Each time we or the selling securityholders sell securities,
      we will provide a prospectus supplement that will contain specific information
      about the terms of that offering. The prospectus supplement may also add,
      update or change information contained in this prospectus. Before you invest,
      you should read both this prospectus and the applicable prospectus supplement
      together with the additional information described under the next two headings, &#147;Where
      You Can Find More Information&#148; and &#147;Incorporation by Reference.&#148;</font></p>
</div>
<p align="center"><font face="serif" size="2"><b><a name="p1b"></a>WHERE YOU
      CAN FIND MORE INFORMATION</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine and the Operating Partnership
      file annual, quarterly and current reports, proxy statements and other
      information with the SEC. You can inspect and copy these reports, proxy
      statements and other information at the public reference facilities of
      the SEC at the SEC&#146;s Public Reference Room located at 100 F Street,
      N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for
      further information on the operation of the Public Reference Room.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The SEC also maintains an Internet
      web site that contains reports, proxy statements and other information
      regarding issuers, including Brandywine and the Operating Partnership,
      that file electronically with the SEC. The address of that site is http://www.sec.gov.
      Further, you may inspect reports, proxy statements and other information
      concerning Brandywine at the offices of the New York Stock Exchange, which
      are located at 20 Broad Street, New York, New York 10005.</font></p>
</div>
<p align="center"><font face="serif" size="2">1</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p2"></a>
<p><font size="2" face="serif"><a href="#index">Back to Contents</a></font></p>
<p align="center"><font face="serif" size="2"><b><a name="p2a"></a>INCORPORATION
      BY REFERENCE</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The SEC allows us to &#147;incorporate
      by reference&#148; information into this prospectus. This means that we
      can disclose important information to you by referring you to another document.
      Any information referred to in this way is considered part of this prospectus
      from the date we file that document.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Any reports filed by us with the
      SEC after the date of this prospectus and before the date that the offering
      of the securities by means of this prospectus is terminated will automatically
      update and, where applicable, supersede any information contained in this
      prospectus or incorporated by reference in this prospectus.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">We incorporate by reference into
      this prospectus the following documents or information filed with the SEC
      (other than, in each case, documents or information deemed furnished and
      not filed in accordance with SEC rules, and no such information shall be
      deemed specifically incorporated by reference hereby):</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Brandywine annual report
          on Form 10-K for the fiscal year ended December&nbsp;31, 2004;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Operating Partnership annual
          report on Form 10-K for the fiscal year ended December&nbsp;31, 2004;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Brandywine quarterly reports
          on Form 10-Q for the quarterly periods ended March&nbsp;31, 2005, June&nbsp;30,
          2005 (as amended by Amendment No. 1 thereto filed on Form 10-Q/A on
          August&nbsp;19, 2005) and September&nbsp;30, 2005;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Operating Partnership quarterly
          reports on Form 10-Q for the quarterly periods ended March&nbsp;31,
          2005, June&nbsp;30, 2005 (as amended by Amendment No. 1 thereto filed
          on Form 10-Q/A on August&nbsp;19, 2005) and September&nbsp;30, 2005;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Brandywine current reports
          on Form 8-K filed with the SEC on September&nbsp;3, 2004*, February&nbsp;15,
          2005, April&nbsp;25, 2005, May&nbsp;6, 2005, May&nbsp;26, 2005, June&nbsp;21,
          2005, October&nbsp;4, 2005 (as amended by Form 8-K/A filed on December&nbsp;14,
          2005), November&nbsp;2, 2005, December&nbsp;20, 2005, December&nbsp;23,
          2005, January&nbsp;10, 2006 (as amended by Form 8-K/A filed on January&nbsp;19,
          2006);</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Operating Partnership current
          reports on Form 8-K filed with the SEC on September&nbsp;3, 2004, February&nbsp;15,
          2005, April&nbsp;25, 2005, May&nbsp;6, 2005, May&nbsp;26, 2005, June&nbsp;21,
          2005, October&nbsp;4, 2005 (as amended by Form 8-K/A filed on December&nbsp;14,
          2005), November&nbsp;2, 2005, December&nbsp;20, 2005, December&nbsp;23,
          2005, January&nbsp;10, 2006 (as amended by Form 8-K/A filed on January&nbsp;19,
          2006);</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Registration Statement
          on Form 8-A of Brandywine filed on October&nbsp;14, 1997;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Registration Statement
          on Form 8-A of Brandywine filed on December&nbsp;29, 2003;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Registration Statement
          on Form 8-A of Brandywine filed on February&nbsp;5, 2004; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">All documents filed by
          us under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange
          Act of 1934 on or after the date of this prospectus and before the
          termination of this offering.</font></div>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="100"><hr noshade size="1" align="left" width="100%">
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">*</font></td>
    <td><div align="left"><font face="serif" size="2">Brandywine Realty Trust
          filed two Current Reports on Form 8-K on September&nbsp;3, 2004, and
          we are incorporating herein by reference only the Current Report filed
          by it on such date that reported solely under Item 9.01 (relating to
          financial statements of the Rubenstein Portfolio (as identified therein)
          and pro forma financial information).</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">When we use the term &#147;prospectus&#148; in
      this prospectus and any accompanying prospectus supplement, we are referring
      to this prospectus as updated and supplemented by all information incorporated
      by reference herein from our Annual Reports on Form 10-K, Quarterly Reports
      on Form 10-Q and any Current Reports on Form 8-K as described above, as
      well as from the other documents incorporated by reference in this prospectus
      as described above.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">You can obtain copies of any of
      the documents incorporated by reference in this document from us or through
      the SEC or the SEC&#146;s web site described above. Documents incorporated
      by reference are available from us, without charge, excluding all exhibits
      unless specifically incorporated by reference as an exhibit to this Prospectus.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">2</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p3"></a>
<p><font size="2" face="serif"><a href="#index">Back to Contents</a></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">You may obtain documents incorporated
      by reference in this document by writing us at the following address or
      calling us at the telephone number listed below:</font></p>
</div>
<p align="center"><font face="serif" size="2"><b>BRANDYWINE REALTY TRUST<br>
  401 Plymouth Road, Suite 500<br>
  Plymouth Meeting, PA 19462<br>
  Telephone: (610) 832-4907</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">We also maintain a web site at
      http://www.brandywinerealty.com through which you can obtain copies of
      documents that we have filed with the SEC. The contents of that site are
      not incorporated by reference in or otherwise a part of this Prospectus.</font></p>
</div>
<p align="center"><font face="serif" size="2">3</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p4"></a>
<p><font size="2" face="serif"><a href="#index">Back to Contents</a></font></p>
<p align="center"><font face="serif" size="2"><b><a name="p4a"></a>CAUTIONARY
      STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">This prospectus, including the
      information incorporated by reference into this prospectus, and any prospectus
      supplement, may contain forward-looking statements within the meaning of
      Section 27A of the Securities Act of 1933 (the &#147;Securities Act&#148;)
      and Section 21E of the Exchange Act. We caution investors that forward-looking
      statements involve known and unknown risks, uncertainties and other factors
      which may cause our actual results, performance or achievements to be materially
      different from future results, performance or achievements expressed or
      implied by these forward-looking statements. Forward-looking statements,
      which are based on certain assumptions and describe our future plans, strategies
      and expectations, are generally identifiable by use of the words &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;expect,&#148; &#147;anticipate,&#148; &#147;estimate,&#148; &#147;believe,&#148; &#147;intend,&#148; &#147;project,&#148; or
      the negative of these words, or other similar words or terms. Factors which
      could materially and adversely affect us include, but are not limited to
      the following:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">changes in economic conditions
          generally and the real estate market specifically;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">legislative/regulatory
          changes, including changes to laws governing the taxation of REITs;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">availability of debt and
          equity capital;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">interest rate fluctuations;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">competition;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">supply and demand for properties
          in our current and proposed market areas;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">accounting principles;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">policies and guidelines
          applicable to REITs; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">environmental risks, tenant
          bankruptcies and the other matters described under the heading &#147;Risk
          Factors&#148; in our Current Report on Form 8-K filed on January&nbsp;10,
          2006 (as amended by Form 8-K/A filed on January&nbsp;19, 2006), as
          well as in our other reports filed from time to time with the SEC that
          are incorporated by reference into this prospectus. See &#147;Available
          Information&#148; and &#147;Incorporation of Certain Information by
          Reference&#148; for information about how to obtain copies of those
          documents.</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">All of these factors should be
      considered in evaluating any forward-looking statements included or incorporated
      by reference in this prospectus or any accompanying prospectus supplement.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Given these uncertainties, we caution
      prospective investors not to place undue reliance on these forward-looking
      statements. We undertake no obligation to publicly update or revise any
      forward-looking statements included or incorporated by reference in this
      prospectus or any accompanying prospectus supplement, whether as a result
      of new information, future events or otherwise. In light of the factors
      referred to above, the future events discussed in or incorporated by reference
      in this prospectus or any accompanying prospectus supplement may not occur
      and actual results, performance or achievement could differ materially
      from that anticipated or implied in the forward-looking statements.</font></p>
</div>
<p align="center"><font face="serif" size="2">4</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p5"></a>
<p><font size="2" face="serif"><a href="#index">Back to Contents</a></font></p>
<p align="center"><font face="serif" size="2"><b><a name="p5a"></a>BRANDYWINE
      AND THE OPERATING PARTNERSHIP</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine is a self-administered
      and self managed REIT active in acquiring, developing, redeveloping, leasing
      and managing office and industrial properties. As of January&nbsp;24, 2006,
      we owned 281 office properties, 24 industrial and mixed-use properties
      that contain an aggregate of approximately 30.2 million net rentable square
      feet. In addition, as of January&nbsp;24, 2006, we held interests in ten
      unconsolidated real estate ventures that we formed with third parties to
      develop or own commercial properties. Our properties are located in the
      office and industrial markets in and surrounding Philadelphia, Pennsylvania;
      Wilmington, Delaware; Southern and Central New Jersey; Richmond, Virginia,
      Metropolitan Washington, D.C., Dallas/Fort Worth and Austin, Texas, Oakland,
      Silicon Valley, San Diego and Los Angeles, California.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine was organized and commenced
      operations in 1986 as a Maryland REIT. The Operating Partnership was formed
      and commenced operations in 1996 as a Delaware limited partnership. Brandywine
      owns its assets and conducts its operations through the Operating Partnership.
      Brandywine controls the Operating Partnership as its sole general partner
      and, as of January&nbsp;24, 2006, Brandywine owned an approximately 95.31%
      interest in the Operating Partnership.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Our executive offices are located
      at 401 Plymouth Road, Suite 500, Plymouth Meeting, Pennsylvania 19462 and
      our telephone number is (610) 325-5600.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">We have an internet website at
      www.brandywinerealty.com. We are not incorporating by reference in this
      prospectus any material from our website. The reference to our website
      is an inactive textual reference to the uniform resource locator (URL)
      and is for your reference only.</font></p>
</div>
<p align="center"><font face="serif" size="2">5</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p6"></a>
<p><font size="2" face="serif"><a href="#index">Back to Contents</a></font></p>
<p align="center"><font face="serif" size="2"><b><a name="p6a"></a>USE OF PROCEEDS</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Unless otherwise indicated in the
      applicable prospectus supplement, Brandywine will contribute or otherwise
      transfer the net proceeds of any sale of securities (and not any selling
      securityholders) to the Operating Partnership in exchange for additional
      partnership interests in the Operating Partnership, the economic terms
      of which will be substantially identical to those of the securities sold.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Unless otherwise indicated in the
      applicable prospectus supplement, the Operating Partnership will use those
      net proceeds and any net proceeds from any sale of its debt securities
      for general business purposes, including, without limitation, repayment
      of outstanding debt and the acquisition or development of office and industrial
      properties.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">We will not receive the net proceeds
      of any sales of Common Shares offered under this prospectus by selling
      securityholders.</font></p>
</div>
<p align="center"><font face="serif" size="2">6</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p7"></a>
<p><font size="2" face="serif"><a href="#index">Back to Contents</a></font></p>
<p align="center"><font face="serif" size="2"><b><a name="p7a"></a>RATIOS OF
      EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED<br>
  FIXED CHARGES AND PREFERRED SHARE DISTRIBUTIONS</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The following table sets forth
      the Operating Partnership&#146;s ratios of earnings to fixed charges for
      the periods indicated.</font></p>
</div>
<p align="left"><font face="serif" size="2">&nbsp;</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="2"><b>For
          the nine months ended September 30, </b></font><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="14" align="center" valign="bottom"><font face="serif" size="2"><b>For
          the years ended December</b>&nbsp;<b>31, </b></font><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="2"><b>2005</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="2"><b>2004</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="2"><b>2003</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="2"><b>2002</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="2"><b>2001</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="2"><b>2000</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Ratio
          of earnings to fixed charges</font></div>
    </td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">1.42</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">1.94</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">2.34</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">1.77</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">1.29</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">1.50</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">For the purpose of calculating
      the ratios of earnings to fixed charges, earnings have been calculated
      by adding fixed charges to income from continuing operations of the Operating
      Partnership, less capitalized interest and income from unconsolidated equity
      method investments not distributed. Fixed charges consist of interest costs,
      whether expensed or capitalized, amortization of deferred financing costs,
      amortization of discounts or premiums related to indebtedness and the Operating
      Partnership&#146;s share of interest expense from unconsolidated equity
      method investments.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The following table sets forth
      Brandywine&#146;s ratios of earnings to combined fixed charges and preferred
      share distributions for the periods indicated.</font></p>
</div>
<p align="left"><font face="serif" size="2">&nbsp;</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="2"><b>For
          the nine months ended September 30, </b></font><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="14" align="center" valign="bottom"><font face="serif" size="2"><b>For
          the years ended December</b>&nbsp;<b>31, </b></font><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="2"><b>2005</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="2"><b>2004</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="2"><b>2003</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="2"><b>2002</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="2"><b>2001</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="2"><b>2000</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="1">
      <hr noshade size="1">
    </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Ratio
          of earnings to combined fixed charges and preferred distributions</font></div>
    </td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">1.30</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">1.65</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">1.79</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">1.39</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">1.03</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">1.21</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">For the purpose of calculating
      the ratios of earnings to combined fixed charges and preferred share distributions,
      earnings have been calculated by adding minority interest attributable
      to continuing operations and fixed charges to income from continuing operations
      of Brandywine, less capitalized interest, income from unconsolidated equity
      method investments not distributed and preferred distributions of consolidated
      subsidiaries. Fixed charges consist of interest costs, whether expensed
      or capitalized, amortization of deferred financing costs, amortization
      of discounts or premiums related to indebtedness, Brandywine&#146;s share
      of interest expense from unconsolidated equity method investments and preferred
      distributions of consolidated subsidiaries. Preferred distributions includes
      income allocated to holders of Brandywine&#146;s preferred shares.</font></p>
</div>
<p align="center"><font face="serif" size="2">7</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p8"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b><a name="p8a"></a>DESCRIPTION
      OF THE DEBT SECURITIES</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The following is a summary of the
      general terms and provisions of the indenture under which the debt securities
      will be issued by the Operating Partnership. The particular terms and provisions
      of the debt securities with respect to a specific offering of debt securities
      will be set forth in the applicable prospectus supplement. This summary
      of general terms and provisions of the indenture and the debt securities
      does not purport to be complete and is subject to, and is qualified in
      its entirety by reference to, all provisions of the indenture and those
      debt securities.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The debt securities will be issued
      by the Operating Partnership under the indenture dated as of October&nbsp;22,
      2004, as amended or supplemented from time to time, among the Operating
      Partnership, Brandywine, and The Bank of New York as trustee. The indenture
      is filed as an exhibit to the registration statement of which this prospectus
      is a part and will be available for inspection at the corporate trust office
      of the trustee or as described under &#147;Where You Can Find More Information.&#148; The
      indenture is qualified under, subject to, and governed by, the Trust Indenture
      Act of 1939, as amended.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">All section references appearing
      herein are to sections of the indenture, and capitalized terms used but
      not defined herein will have the respective meanings set forth in the indenture.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>General</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The debt securities will be direct,
      unsecured obligations of the Operating Partnership. Except for any series
      of debt securities which is expressly subordinated to other indebtedness
      of the Operating Partnership, the debt securities will rank equally with
      all other unsecured and unsubordinated indebtedness of the Operating Partnership.
      Under the indenture, the debt securities may be issued without limit as
      to aggregate principal amount, in one or more series, as established from
      time to time pursuant to authority granted by a resolution of the Board
      of Trustees of Brandywine as sole general partner of the Operating Partnership
      or as established in one or more supplemental indentures to the indenture.
      All of the debt securities of any one series need not be issued at the
      same time and, unless otherwise provided, a series may be reopened, without
      the consent of the holders of the debt securities of that series, for issuances
      of additional debt securities of that series (Section 301). All debt securities
      of a particular series shall be substantially identical except as to denomination,
      date of issuance, issue price and the date from which interest, if any,
      shall accrue.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine will, under the indenture,
      fully and unconditionally guarantee the due and punctual payment of principal
      of and premium, if any, and interest on all debt securities issued by the
      Operating Partnership, and the due and punctual payment of any sinking
      fund payments on those debt securities, when and as the same shall become
      due and payable, whether at a maturity date, by declaration of acceleration,
      call for redemption or otherwise.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The indenture requires any subsidiary
      of the Operating Partnership that is a significant subsidiary (as defined
      in Regulation S-X promulgated under the Securities Act) to provide a full
      and unconditional guaranty as to payment of principal and premium, if any,
      and interest on the debt securities issued by the Operating Partnership
      not later than 180 days following the date on which that subsidiary becomes
      a guarantor under our principal credit agreement. We refer to any such &#147;significant&#148; subsidiary
      that becomes a guarantor under our principal credit agreement as a &#147;Subsidiary
      Guarantor&#148; and, together with Brandywine, as the &#147;Guarantors.&#148; As
      of the date of this prospectus, we have no significant subsidiaries that
      are guarantors under our principal credit agreement.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">If for any reason the obligations
      of a significant subsidiary that has become a Subsidiary Guarantor terminate
      under our principal credit agreement, such Subsidiary Guarantor will be
      deemed released from all of its obligations under the indenture and its
      guarantee will terminate (Sections 1401 and 1404).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The indenture provides that there
      may be more than one trustee for any one or more series of debt securities.
      Any trustee under the indenture may resign or be removed with respect to
      one or more series of debt securities, and a successor trustee may be appointed
      to act with respect to that series (Section 610). Except as otherwise indicated
      in this prospectus or the applicable prospectus supplement, any action
      to be taken by the trustee may be taken by each such trustee with respect
      to, and only with respect to, the one or more series of debt securities
      for which it is trustee under the indenture.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">8</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p9"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="2"><b>Terms</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The applicable prospectus supplement
      relating to the series of debt securities being offered will describe the
      specific terms and provisions of those debt securities, including the following:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">the title of the debt securities;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">the aggregate principal
          amount of the debt securities and any limit on that aggregate principal
          amount;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">(3)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">the percentage of the principal
          amount at which the debt securities will be issued and, if other than
          the principal amount thereof, the portion of the principal amount payable
          upon declaration of acceleration of the maturity thereof;</font></div>
    </td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">(4)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">the date or dates, or the
          manner of determining the date or dates, on which the principal of
          the debt securities will be payable;</font></div>
    </td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(5)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">the rate or rates (which
          may be fixed or variable), or the method by which the rate or rates
          will be determined, at which the debt securities will bear interest,
          if any;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(6)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">the date or dates, or the
          method for determining the date or dates, from which any interest will
          accrue, the interest payment dates on which that interest will be payable,
          the regular record dates for interest payment dates, or the method
          by which those dates will be determined, the person to whom interest
          will be payable, and the basis upon which interest will be calculated
          if other than that of a 360-day year of twelve 30-day months;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(7)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">the place or places where
          the principal of and premium, if any, and interest, if any, on the
          debt securities will be payable and where notices or demands to or
          upon the Operating Partnership in respect of the debt securities and
          the indenture may be served;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(8)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">the period or periods within
          which, or the date or dates on which, the price or prices at which
          and the terms and conditions upon which the debt securities may be
          redeemed, as a whole or in part, at the option of the Operating Partnership,
          if the Operating Partnership is to have such an option;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(9)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">the obligation, if any,
          of the Operating Partnership to redeem, repay or repurchase the debt
          securities pursuant to any sinking fund or analogous provisions or
          at the option of the holders, and the period or periods within which,
          or the date or dates on which, the price or prices at which and the
          terms and conditions upon which the debt securities are required to
          be redeemed, repaid or purchased, in whole or in part, pursuant to
          that obligation;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(10)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">if other than U.S. dollars,
          the currency or currencies in which the debt securities are denominated
          and/or payable, which may be a foreign currency or units of two or
          more foreign currencies or a composite currency or currencies, and
          the terms and conditions relating thereto;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(11)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">whether the amount of payments
          of principal of and premium, if any, or interest, if any, on the debt
          securities may be determined with reference to an index, formula or
          other method (which index, formula or method may, but need not, be
          based on a currency, currencies, currency unit or units or composite
          currency or currencies) and the manner in which those amounts will
          be determined;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(12)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">any additions to, modifications
          of or inapplicability of the terms of the debt securities with respect
          to the events of default or covenants or other provisions set forth
          in the indenture;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(13)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">whether the debt securities
          will be issued in global or book-entry form or definitive certificated
          form, and whether the debt securities will be issued in bearer form;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(14)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">if other than $5,000 and
          any integral multiple of $1,000 in excess thereof, the denominations
          in which the debt securities shall be issuable;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(15)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">the applicability, if any,
          of the defeasance and covenant defeasance provisions of the indenture,
          or any modification thereof;</font></div>
    </td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">9</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p10"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(16)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">the extent and manner,
          if any, to which payments on the debt securities may be subordinated
          to other indebtedness of the Operating Partnership;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(17)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">whether and under what
          circumstances the Operating Partnership will pay additional amounts
          as contemplated in the indenture on the debt securities in respect
          of any tax, assessment or governmental charge and, if so, whether the
          Operating Partnership will have the option to redeem the debt securities
          in lieu of paying additional amounts; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(18)</font></td>
    <td width="3%">&nbsp;</td>
    <td><div align="left"><font face="serif" size="2">any other terms of the
          debt securities not inconsistent with the provisions of the indenture
          (Section&nbsp;301).</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The debt securities may provide
      for less than the entire principal amount of those debt securities to be
      payable upon declaration of acceleration of the maturity thereof (&#147;original
      issue discount securities&#148;). The applicable prospectus supplement
      will describe special U.S. federal income tax, accounting and other considerations
      applicable to the original issue discount securities.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The indenture does not contain
      any provisions (other than as described under &#147;&#151;Covenants&#151; Limitations
      on Incurrence of Indebtedness&#148;) that would limit the ability of the
      Operating Partnership to incur indebtedness or that would afford holders
      of debt securities protection in the event of a highly leveraged or similar
      transaction involving the Operating Partnership. However, restrictions
      on ownership and transfers of Brandywine&#146;s common shares and preferred
      shares, designed to preserve Brandywine&#146;s status as a REIT, may prevent
      or hinder a change of control. Reference is made to the applicable prospectus
      supplement for information with respect to any deletions from, modifications
      of or additions to the events of default or covenants of the Operating
      Partnership that are described below, including any addition of a covenant
      or other provision providing event risk or similar protection.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Guarantees</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine will, under the indenture,
      fully and unconditionally guarantee the due and punctual payment of principal
      of and premium, if any, and interest on all debt securities issued by the
      Operating Partnership, and the due and punctual payment of any sinking
      fund payments on those debt securities, when and as the same shall become
      due and payable, whether at a maturity date, by declaration of acceleration,
      call for redemption or otherwise.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The indenture requires any &#147;significant&#148; subsidiary
      to provide a full and unconditional guaranty as to payment of principal
      and premium, if any, and interest on the debt securities issued by the
      Operating Partnership not later than 180 days following the date on which
      that subsidiary becomes a guarantor under our principal credit agreement.
      As of the date of this prospectus, we have no significant subsidiaries
      that are guarantors under our principal credit agreement.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">If for any reason the obligations
      of a significant subsidiary that has become a Subsidiary Guarantor terminate
      under our principal credit agreement, such Subsidiary Guarantor will be
      deemed released from all of its obligations under the indenture and its
      guarantee will terminate (Sections 1401 and 1404).</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Denominations</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Unless otherwise specified in the
      applicable prospectus supplement, the debt securities of any series shall
      be issuable only in registered form without coupons and, other than securities
      in global form (which may be of any denomination), will be issuable in
      denominations of $5,000 and integral multiples of $1,000 in excess thereof
      (Section 302).</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Payments</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Unless otherwise specified in the
      applicable prospectus supplement, the principal of and premium, if any,
      and interest on any series of debt securities will be payable at the corporate
      trust office of the trustee. However, at the option of the Operating Partnership,
      payment of interest may be made by check mailed to the address of the person
      entitled thereto as it appears in the security register or by wire transfer
      of funds to that person at a bank account maintained within the United
      States (Sections 307 and 1002).</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">10</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p11"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">All amounts paid by the Operating
      Partnership to a paying agent or a trustee for the payment of the principal
      of or premium, if any, or interest on any debt security which remain unclaimed
      at the end of two years after the principal, premium or interest has become
      due and payable will be repaid to the Operating Partnership, and the holder
      of the debt security thereafter may look only to the Operating Partnership
      for payment of these amounts.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Any interest not punctually paid
      or duly provided for on any interest payment date with respect to a debt
      security will forthwith cease to be payable to the holder on the applicable
      regular record date and may either be paid to the person in whose name
      that debt security is registered at the close of business on a special
      record date for the payment of that defaulted interest to be fixed by the
      trustee or may be paid at any time in any other lawful manner, all in accordance
      with the indenture (Section 307). Notice of any special record date will
      be given to the holder of that debt security not less than 10 days prior
      to the special record date.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Registration and Transfer</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Subject to certain limitations
      imposed upon debt securities issued in book-entry form, the debt securities
      of any series will be exchangeable for other debt securities of the same
      series, of a like aggregate principal amount and tenor, of different authorized
      denominations upon surrender of such debt securities at the corporate trust
      office of the trustee. In addition, subject to certain limitations imposed
      upon debt securities issued in book-entry form, the debt securities of
      any series may be surrendered for registration of transfer at the corporate
      trust office of the trustee.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Every debt security surrendered
      for registration of transfer or exchange will be duly endorsed or accompanied
      by a written instrument of transfer. No service charge will be made for
      any registration of transfer or exchange of any debt securities, but the
      Operating Partnership may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith (Section
      305).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">If the applicable prospectus supplement
      refers to any transfer agent (in addition to the trustee) initially designated
      by the Operating Partnership and the Guarantors with respect to any series
      of debt securities, the Operating Partnership may at any time rescind the
      designation of that transfer agent or approve a change in the location
      through which that transfer agent acts, except that the Operating Partnership
      and the Guarantors will be required to maintain a transfer agent in each
      place of payment for that series. The Operating Partnership and the Guarantors
      may at any time designate additional transfer agents with respect to any
      series of debt securities (Section 1002).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Neither the Operating Partnership
      nor the trustee will be required to:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">issue, register the transfer
          of or exchange debt securities of any series during a period beginning
          at the opening of business 15 days before any selection of debt securities
          of that series to be redeemed and ending at the close of business of
          the day of mailing of the relevant notice of redemption;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">register the transfer of
          or exchange any debt security, or portion thereof, called for redemption,
          except the unredeemed portion of any debt security being redeemed in
          part; or</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(3)</font></td>
    <td><div align="left"><font face="serif" size="2">issue, register the transfer
          of or exchange any debt security which has been surrendered for repayment
          at the option of the holder, except that portion, if any, of such debt
          security which is not to be so repaid (Section 305).</font></div>
    </td>
  </tr>
</table>
<p align="left"><font face="serif" size="2"><b>Merger, Consolidation or Sale</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The Operating Partnership may consolidate
      with, or sell, lease or convey all or substantially all of its assets to,
      or merge with or into, any other entity, provided that the following conditions
      are satisfied or fulfilled:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">either the Operating Partnership
          is the continuing entity, or the successor (if other than the Operating
          Partnership) formed by or resulting from any such consolidation or
          merger or which has received the transfer of those assets is organized
          under the laws of the United States of America and expressly assumes
          payment of the principal of and premium, if any, and interest on all
          of the debt securities and the due and punctual performance and observance
          of all of the covenants and conditions contained in the indenture;</font></div>
    </td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">11</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p12"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">immediately after giving
          effect to the transaction and taking into account any indebtedness
          which becomes an obligation of the Operating Partnership or any Subsidiary
          at the time of the transaction, no event of default under the indenture,
          and no event which, after notice or the lapse of time, or both, would
          become an event of default, has occurred and is continuing; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(3)</font></td>
    <td><div align="left"><font face="serif" size="2">an officer&#146;s certificate
          of Brandywine as general partner of the Operating Partnership and a
          legal opinion covering these conditions is delivered to the trustee
          (Section 801).</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The Guarantors may consolidate
      with, or sell, lease or convey all or substantially all of their respective
      assets to, or merge with or into, any other entity, provided that substantially
      the same conditions as above are satisfied or fulfilled (Section 803).</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Covenants</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><b><i>Limitations on Incurrence
          of Indebtedness</i></b></font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The Operating Partnership will
      not, and will not permit any of its Subsidiaries to, incur any Indebtedness,
      other than Intercompany Indebtedness, if, immediately after giving effect
      to the incurrence of that additional Indebtedness and the application of
      the proceeds thereof, the aggregate principal amount of all of its outstanding
      Indebtedness and that of its Subsidiaries on a consolidated basis is greater
      than 60% of the sum of (without duplication):</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">the Total Assets of the
          Operating Partnership and its Subsidiaries as of the end of the calendar
          quarter covered in its Annual Report on Form 10-K or Quarterly Report
          on Form 10-Q, as the case may be, most recently filed with the SEC
          (or, if such filing is not permitted under the Exchange Act, with the
          trustee) prior to the incurrence of that additional Indebtedness; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">the purchase price of any
          assets included in the definition of Total Assets acquired, and the
          amount of any securities offering proceeds received (to the extent
          that the proceeds were not used to acquire assets included with Total
          Assets or used to reduce Indebtedness), by the Operating Partnership
          or any of its Subsidiaries since the end of that calendar quarter,
          including those proceeds obtained in connection with the incurrence
          of that additional Indebtedness.</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The Operating Partnership also
      will not, and will not permit any of its Subsidiaries to, incur any Indebtedness
      secured by any Encumbrance upon any of its properties or any of its Subsidiaries&#146; properties,
      whether owned at the date of the indenture or thereafter acquired, if,
      immediately after giving effect to the incurrence of that additional Indebtedness
      secured by an Encumbrance and the application of the proceeds thereof,
      the aggregate principal amount of its outstanding indebtedness and that
      of its Subsidiaries on a consolidated basis which is secured by any Encumbrance
      on its properties or any of its Subsidiaries&#146; properties is greater
      than 40% of the sum of (without duplication):</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">the Total Assets of the
          Operating Partnership and its Subsidiaries as of the end of the calendar
          quarter covered in its Annual Report on Form 10-K or Quarterly Report
          on Form 10-Q, as the case may be, most recently filed with the SEC
          (or, if such filing is not permitted under the Exchange Act, with the
          trustee) prior to the incurrence of that additional Indebtedness; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">the purchase price of any
          assets included in the definition of Total Assets acquired, and the
          amount of any securities offering proceeds received (to the extent
          that such proceeds were not used to acquire assets included in the
          definition of Total Assets or used to reduce Indebtedness), by the
          Operating Partnership or any of its Subsidiaries since the end of that
          calendar quarter, including those proceeds obtained in connection with
          the incurrence of that additional Indebtedness.</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">In addition, the Operating Partnership
      will not, and will not permit any of its Subsidiaries to, incur any Indebtedness
      if the ratio of Consolidated Income Available for Debt Service to Annual
      Debt Service Charge for the four consecutive fiscal quarters most recently
      ended prior to the date on which that additional Indebtedness is to be
      incurred will be less than 1.5:1 on a pro forma basis after giving effect
      thereto and to the application of the proceeds therefrom, and calculated
      on the assumption that:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">that Indebtedness and any
          other Indebtedness incurred by the Operating Partnership and its Subsidiaries
          since the first day of that four-quarter period and the application
          of the proceeds </font></div>
    </td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">12</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p13"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">therefrom, including to
          refinance other Indebtedness, had occurred at the beginning of that
          four-quarter period;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">the repayment or retirement
          of any other Indebtedness by the Operating Partnership and its Subsidiaries
          since the first day of that four-quarter period had been repaid or
          retired at the beginning of that four-quarter period (except that,
          for purposes of this computation, the amount of Indebtedness under
          any revolving credit facility will be computed based upon the average
          daily balance of that Indebtedness during that four-quarter period);</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(3)</font></td>
    <td><div align="left"><font face="serif" size="2">in the case of Acquired
          Indebtedness or Indebtedness incurred in connection with any acquisition
          since the first day of that four-quarter period, the acquisition had
          occurred as of the first day of that four-quarter period with the appropriate
          adjustments with respect to the acquisition being included in the pro
          forma calculation; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(4)</font></td>
    <td><div align="left"><font face="serif" size="2">in the case of any acquisition
          or disposition by the Operating Partnership or any of its Subsidiaries
          of any asset or group of assets since the first day of that four-quarter
          period, whether by merger, stock purchase or sale, or asset purchase
          or sale, the acquisition or disposition or any related repayment of
          Indebtedness had occurred as of the first day of that four-quarter
          period with the appropriate adjustments with respect to the acquisition
          or disposition being included in the pro forma calculation (Section
          1006).</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><b><i>Maintenance of Unencumbered
          Assets</i></b></font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The Operating Partnership and its
      Subsidiaries will at all times maintain Total Unencumbered Assets of not
      less than 150% of the aggregate outstanding principal amount of its Unsecured
      Indebtedness and that of its Subsidiaries on a consolidated basis (Section
      1006).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><b><i>Provision of Financial Information</i></b></font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">So long as any debt securities
      are outstanding and whether or not required by the SEC, Brandywine and
      the Operating Partnership will furnish to the trustee within 15 days of
      the time periods specified in the SEC&#146;s rules and regulations:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">all annual and quarterly
          financial information that would be required to be contained in filings
          with the SEC on Forms 10-K and 10-Q if Brandywine and the Operating
          Partnership were required to file those filings, including a &#147;Management&#146;s
          Discussion and Analysis of Financial Condition and Results of Operations&#148; and,
          with respect to the annual information only, a report on the annual
          financial statements by our certified independent accountants; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">all current reports that
          would be required to be filed with the SEC on Form 8-K if Brandywine
          and the Operating Partnership were required to file such reports.</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">If Brandywine or the Operating
      Partnership is not subject to Sections 13 and 15(d) of the Exchange Act,
      Brandywine or the Operating Partnership, as the case may be, will (A) furnish
      to the holders of the debt securities, without cost to such holders, a
      copy of the information and reports referred to in clauses (1) and (2)
      above within 15 days of the time periods specified in the SEC&#146;s rules
      and regulations, and (B) upon written request and payment of the reasonable
      cost of duplication and delivery, promptly supply to any prospective holder
      of the debt securities a copy of the information and reports referred to
      in clauses (1) and (2) above.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">In addition, whether or not required
      by the SEC, Brandywine and the Operating Partnership will file a copy of
      the information and reports referred to in clauses (1) and (2) above with
      the SEC for public availability within the time periods specified in the
      SEC&#146;s rules and regulations (unless the SEC will not accept such a
      filing) (Section 704).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><b><i>Waiver of Certain Covenants</i></b></font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The Operating Partnership and the
      Guarantors may choose not to comply with any term, provision or condition
      of the preceding covenants, and with any other term, provision or condition
      with respect to the debt securities (except for any term, provision or
      condition which could not be amended without the consent of all</font></p>
</div>
<p align="center"><font face="serif" size="2">13</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p14"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="2">holders of debt securities), if at
    any time the holders of at least a majority in principal amount of all the
    outstanding debt securities, by act of those holders, either waive compliance
    in that instance or generally waive compliance with that covenant. Except
    to the extent so expressly waived, and until any waiver becomes effective,
    the Operating Partnership&#146;s and the Guarantors&#146; obligations and
    the duties of the trustee in respect of any such term, provision or condition
    will remain in full force and effect (Section 1010).</font></p>
<p align="left"><font face="serif" size="2"><b>Other Covenants</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><b><i>Existence</i></b></font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Except as permitted under &#147;&#151;Merger,
      Consolidation or Sale,&#148; each of the Operating Partnership and the
      Guarantors will do or cause to be done all things necessary to preserve
      and keep in full force and effect its existence, rights (declaration and
      statutory) and franchises; provided, however, that neither the Operating
      Partnership nor any Guarantor will be required to preserve any right or
      franchise if it determines that the preservation thereof is no longer desirable
      in the conduct of its business and that the loss of that right or franchise
      is not disadvantageous in any material respect to the holders of the debt
      securities (Section 1005).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><b><i>Maintenance of Properties</i></b></font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Each of the Operating Partnership
      and the Guarantors will cause all of its material properties used or useful
      in the conduct of its business or the business of any of its Subsidiaries
      to be maintained and kept in good condition, repair and working order,
      all as in the judgment of the Operating Partnership or the applicable Guarantor
      may be necessary so that the business carried on in connection with those
      properties may be properly and advantageously conducted at all times; provided,
      however, that neither the Operating Partnership nor any Guarantor nor any
      of their respective Subsidiaries will be prevented from selling or otherwise
      disposing of their properties for value in the ordinary course of business
      (Section 1007).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><b><i>Insurance</i></b></font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Each of the Operating Partnership
      and the Guarantors will cause each of its and its Subsidiaries&#146; insurable
      properties to be insured in a commercially reasonable amount against loss
      of damage with insurers of recognized responsibility and, if described
      in the applicable prospectus supplement, in specified amounts and with
      insurers having a specified rating from a recognized insurance rating service
      (Section 1008).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><b><i>Payment of Taxes and Other
          Claims</i></b></font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Each of the Operating Partnership
      and the Guarantors will pay or discharge or cause to be paid or discharged,
      before becoming delinquent:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">all taxes, assessments
          and governmental charges levied or imposed upon it or any of its Subsidiaries
          or upon its income, profits or property or that of any of its Subsidiaries;
          and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">all lawful claims for labor,
          materials and supplies which, if unpaid, might by law become a lien
          upon its property or the property of any of its Subsidiaries;</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">provided, however, that neither
      the Operating Partnership nor any Guarantor will be required to pay or
      discharge or cause to be paid or discharged any tax, assessment, charge
      or claim whose amount or applicability is being contested in good faith
      (Section 1009).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><b><i>Additional Covenants</i></b></font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The applicable prospectus supplement
      relating to the series of debt securities being offered will describe any
      additional covenants specific to that series.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Events of Default, Notice and
      Waiver</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Unless otherwise provided in the
      applicable prospectus supplement, the indenture provides that the following
      events will be &#147;events of default&#148; with respect to each series
      of debt securities issued under the indenture:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">default for 30 days in
          the payment of any interest on any debt security of that series;</font></div>
    </td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">14</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p15"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">default in the payment
          of any principal of or premium, if any, on any debt security of that
          series when due;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(3)</font></td>
    <td><div align="left"><font face="serif" size="2">default in making any sinking
          fund payment as required for any debt security of that series;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(4)</font></td>
    <td><div align="left"><font face="serif" size="2">default in the performance
          of any other covenant or warranty of the Operating Partnership and/or
          any of the Guarantors contained in the indenture with respect to any
          debt security of that series, which continues for 60 days after written
          notice as provided in the indenture;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(5)</font></td>
    <td><div align="left"><font face="serif" size="2">default in the payment
          of an aggregate principal amount exceeding $25,000,000 of any evidence
          of indebtedness of the Operating Partnership and/or any of the Guarantors
          or any mortgage, indenture, note, bond, capitalized lease or other
          instrument under which that indebtedness is issued or by which that
          indebtedness is secured, such default having continued after the expiration
          of any applicable grace period or having resulted in the acceleration
          of the maturity of that indebtedness, but only if that indebtedness
          is not discharged or such acceleration is not rescinded or annulled;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(6)</font></td>
    <td><div align="left"><font face="serif" size="2">certain events of bankruptcy,
          insolvency or reorganization, or court appointment of a receiver, liquidator
          or trustee of the Operating Partnership, Brandywine, any Subsidiary
          Guarantor or any other Significant Subsidiary or any of their respective
          properties;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(7)</font></td>
    <td><div align="left"><font face="serif" size="2">except as otherwise permitted
          in the Indenture, any guarantee of the debt securities of any series
          is held in any judicial proceeding to be unenforceable or invalid or
          shall cease for any reason to be in full force and effect, or Brandywine
          or any Subsidiary Guarantor that is a Significant Subsidiary shall
          deny or disaffirm its obligations under its guarantee with respect
          to the debt securities of the applicable series; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(8)</font></td>
    <td><div align="left"><font face="serif" size="2">any other event of default
          provided with respect to a particular series of debt securities (Section
          501).</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">If an event of default (other than
      as described in clause (6) above) with respect to debt securities of any
      series at the time outstanding occurs and is continuing, then in each case
      the trustee or the holders of not less than 25% in principal amount of
      the outstanding debt securities of that series may declare the principal
      (or, if the debt securities of that series are original issue discount
      securities or indexed securities, that portion of the principal amount
      as may be specified in the terms thereof) of and premium, if any, and accrued
      and unpaid interest on all of the debt securities of that series to be
      due and payable immediately by written notice thereof to the Operating
      Partnership and Brandywine (and to the trustee if given by the holders).
      If an event of default described in clause (6) above occurs and is continuing,
      the principal (or such portion thereof) of and premium, if any, and accrued
      and unpaid interest on all of the debt securities of that series will become
      and be immediately due and payable without any declaration or other act
      on the part of the trustee or any holders. However, at any time after any
      acceleration with respect to debt securities of that series, but before
      a judgment or decree for payment of the amounts due has been obtained by
      the trustee, the holders of not less then a majority in principal amount
      of outstanding debt securities of that series may rescind and annul that
      acceleration and its consequences if (1) the Operating Partnership or any
      Guarantor has paid or deposited with the trustee all required payments
      of the principal of and premium, if any, and interest on the debt securities
      of that series (without giving effect to the acceleration) plus certain
      fees, expenses, disbursements and, premium, if any, advances of the trustee
      and (2) all events of default, other than the nonpayment of accelerated
      principal, premium, if any, or interest with respect to debt securities
      of that series, have been cured or waived as provided in the indenture
      (Section 502). The indenture also provides that the holders of not less
      than a majority in principal amount of the outstanding debt securities
      of any series may waive any past default with respect to that series and
      its consequences, except a default (A) in the payment of the principal
      of or premium, if any, or interest on any debt security of that series
      or (B) in respect of a covenant or provision contained in the indenture
      that cannot be modified or amended without the consent of the holder of
      each outstanding debt security affected thereby (Section 513).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The trustee will be required to
      give notice to the holders of debt securities within 90 days of a default
      under the indenture; provided, however, that the trustee may withhold notice
      to the holders of any series of debt securities of any default with respect
      to that series (except a default in the payment of the principal of or
      premium, if any, or interest on any debt securities of that series or in
      the payment of any sinking fund</font></p>
</div>
<p align="center"><font face="serif" size="2">15</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p16"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="2">installment in respect of any debt
    securities of that series) if the responsible officers of the trustee consider
    withholding of notice to be in the interest of the holders (Section 602).</font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The indenture provides that no
      holders of debt securities of any series may institute any judicial or
      other proceedings with respect to the indenture or for any remedy thereunder,
      except in the case of failure of the trustee, for 60 days, to act after
      it has received a written request to institute proceedings in respect of
      an event of default from the holders of not less than 25% in principal
      amount of the outstanding debt securities of that series, as well as an
      offer of reasonable security or indemnity (Section 507). This provision
      will not prevent, however, any holder of debt securities from instituting
      suit for the enforcement of payment of the principal of and premium, if
      any, and interest on the debt securities at the respective due date or
      dates for payment (Section 508).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Subject to provisions in the indenture
      relating to its duties in case of default, the trustee is under no obligation
      to exercise any of its rights or powers under the indenture at the request
      or direction of any holders of debt securities of any series then outstanding
      under the indenture, unless the holders offer to the trustee reasonable
      security or indemnity (Section 603). The holders of not less than a majority
      in principal amount of the outstanding debt securities of any series will
      have the right to direct the time, method and place of conducting any proceeding
      for any remedy available to the trustee, or of exercising any trust or
      power conferred upon the trustee for that series. However, the trustee
      may refuse to follow any direction which is in conflict with any law or
      the indenture, which may involve the trustee in personal liability or which
      may be unduly prejudicial to the holders of debt securities of that series
      not joining in the proceeding (Section 512).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Within 120 days after the end of
      each fiscal year, the Operating Partnership and Brandywine must deliver
      to the trustee a certificate, signed by one of several specified officers
      of the general partner of the Operating Partnership and of Brandywine,
      stating whether or not such officers have knowledge of any default under
      the indenture and, if so, specifying each such default and the nature and
      status thereof (Section 1004).</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Modification of the Indenture</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Modifications and amendments of
      provisions of the indenture applicable to any series may be made only with
      consent of the holders of not less than a majority in principal amount
      of all outstanding debt securities which are affected by the modification
      or amendment; provided, however, that no such modification or amendment
      may, without the consent of the holder of each debt security affected thereby:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">change the stated maturity
          of the principal of, or any installment of interest or premium, if
          any, on, that debt security;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">reduce the principal amount
          of, or the rate or amount of interest on, or any premium payable on
          redemption of, that debt security, or reduce the amount of principal
          of an original issue discount security that would be due and payable
          upon declaration of acceleration of the maturity thereof or would be
          provable in bankruptcy, or adversely affect any right of repayment
          of the holder of that debt security;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(3)</font></td>
    <td><div align="left"><font face="serif" size="2">change the place of payment,
          or the coin or currency, for payment of principal of, premium, if any,
          or interest on that debt security;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(4)</font></td>
    <td><div align="left"><font face="serif" size="2">impair the right to institute
          suit for the enforcement of any payment on or with respect to that
          debt security on or after the stated maturity thereof;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(5)</font></td>
    <td><div align="left"><font face="serif" size="2">reduce the above-stated
          percentage of outstanding debt securities of any series necessary to
          modify or amend the indenture, to waive compliance with certain provisions
          thereof or specified defaults and consequences thereunder or to reduce
          the quorum or voting requirements set forth in the indenture;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(6)</font></td>
    <td><div align="left"><font face="serif" size="2">modify or affect in any
          manner adverse to the holders the terms and conditions of the obligations
          of any of the Guarantors under the guarantees applicable to that debt
          security (other than releases of guarantees when a Subsidiary Guarantor&#146;s
          guarantee under our principal credit agreement is terminated); or</font></div>
    </td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">16</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p17"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(7)</font></td>
    <td><div align="left"><font face="serif" size="2">modify any of the foregoing
          provisions or any of the provisions relating to the waiver of certain
          past defaults or certain covenants, except to increase the required
          percentage to effect that action or to provide that certain other provisions
          may not be modified or waived without the consent of the holder of
          that debt security (Section 902).</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The holders of not less than a
      majority in principal amount of outstanding debt securities of a particular
      series have the right to waive compliance by the Operating Partnership
      and the Guarantors with certain covenants in the indenture relating to
      that series (Section 1010).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Modifications and amendments of
      the indenture may be made by the Operating Partnership, the Guarantors
      and the trustee without the consent of any holder of debt securities for
      any of the following purposes:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">to evidence the succession
          of another person to the Operating Partnership as obligor, or to any
          of the Guarantors under the indenture;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">to add to the covenants
          of the Operating Partnership or any of the Guarantors for the benefit
          of the holders of all or any series of debt securities or to surrender
          any right or power conferred upon the Operating Partnership or any
          of the Guarantors in the indenture;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(3)</font></td>
    <td><div align="left"><font face="serif" size="2">to add events of default
          for the benefit of the holders of all or any series of debt securities;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(4)</font></td>
    <td><div align="left"><font face="serif" size="2">to change or eliminate
          any provisions of the indenture, provided that the change or elimination
          will become effective only when there are no outstanding debt securities
          of any series created prior thereto which are entitled to the benefit
          of such provision;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(5)</font></td>
    <td><div align="left"><font face="serif" size="2">to secure, or add additional
          guarantees with respect to, the debt securities;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(6)</font></td>
    <td><div align="left"><font face="serif" size="2">to establish the form or
          terms of debt securities of any series;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(7)</font></td>
    <td><div align="left"><font face="serif" size="2">to provide for the acceptance
          of appointment by a successor trustee or facilitate the administration
          of the trust under the indenture by more than one trustee;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(8)</font></td>
    <td><div align="left"><font face="serif" size="2">to cure any ambiguity,
          defect or inconsistency in the indenture, provided that such action
          will not adversely affect the interests of holders of debt securities
          of any series in any material respect; or</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(9)</font></td>
    <td><div align="left"><font face="serif" size="2">to supplement any of the
          provisions of the indenture to the extent necessary to permit or facilitate
          defeasance and discharge of any series of such debt securities, provided
          that such action will not adversely affect the interests of the holders
          of the debt securities of any series in any material respect (Section
          901).</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The indenture provides that, in
      determining whether the holders of the requisite principal amount of outstanding
      debt securities of a series have given any request, demand, authorization,
      direction, notice, consent or waiver thereunder or whether a quorum is
      present at a meeting of holders of debt securities:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">the principal amount of
          an original issue discount security that is deemed to be outstanding
          will be the amount of the principal thereof that would be due and payable
          as of the date of determination upon declaration of acceleration of
          the maturity of that debt security;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">the principal amount of
          a debt security denominated in a foreign currency that is deemed outstanding
          will be the U.S. dollar equivalent, determined on the issue date for
          that debt security, of the principal amount (or, in the case of an
          original issue discount security, the U.S. dollar equivalent on the
          issue date of that debt security of the amount determined as provided
          in clause (1)&nbsp;above);</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(3)</font></td>
    <td><div align="left"><font face="serif" size="2">the principal amount of
          an indexed security that is deemed outstanding will be the principal
          face amount of that indexed security at original issuance, unless otherwise
          provided with respect to that indexed security pursuant to the indenture;
          and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(4)</font></td>
    <td><div align="left"><font face="serif" size="2">debt securities owned by
          the Operating Partnership, any of the Guarantors or any other obligor
          upon the debt securities or any affiliate of the Operating Partnership,
          any of the Guarantors or of that other obligor will be disregarded
          (Section 101).</font></div>
    </td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">17</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p18"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The indenture contains provisions
      for convening meetings of the holders of debt securities of a series (Article
      Thirteen). A meeting may be called at any time by the trustee, and also,
      upon request, by the Operating Partnership or the holders of at least 10%
      in principal amount of the outstanding debt securities of that series,
      in each case upon notice given as provided in the indenture (Section 1302).
      Except for any consent that must be given by the holder of each debt security
      affected by certain modifications and amendments of the indenture, any
      resolution presented at a meeting or adjourned meeting duly reconvened
      at which a quorum is present may be adopted by the affirmative vote of
      the holders of a majority in principal amount of the outstanding debt securities
      of that series; provided, however, that, except as referred to above, any
      resolution with respect to any request, demand, authorization, direction,
      notice, consent, waiver or other action that may be made, given or taken
      by the holders of a specified percentage, which is less than a majority,
      in principal amount of the outstanding debt securities of a series may
      be adopted at a meeting or adjourned meeting duly reconvened at which a
      quorum is present by the affirmative vote of the holders of the debt securities
      of that series. Any resolution passed or decision taken at any meeting
      of holders of debt securities of any series duly held in accordance with
      the indenture will be binding on all holders of debt securities of that
      series. The quorum at any meeting called to adopt a resolution, and at
      any reconvened meeting, will be persons, holding or representing a majority
      in principal amount of the outstanding debt securities of a series; provided,
      however, that if any action is to be taken at such meeting with respect
      to a consent or waiver which may be given by the holders of not less than
      a specified percentage in principal amount of the outstanding debt securities
      of a series, the persons holding or representing such specified percentage
      in principal amount of the outstanding debt securities of such series will
      constitute a quorum (Section 1304).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Notwithstanding the foregoing provisions,
      if any action is to be taken at a meeting of holders of debt securities
      of any series with respect to any request, demand, authorization, direction,
      notice, consent, waiver or other action that the indenture expressly provides
      may be made, given or taken by the holders of a specified percentage in
      principal amount of all outstanding debt securities affected thereby, or
      of the holders of that series and one or more additional series:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">there will be no minimum
          quorum requirement for the meeting; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">the principal amount of
          the outstanding debt securities of such series that vote in favor of
          the request, demand, authorization, direction, notice, consent, waiver
          or other action will be taken into account in determining whether such
          request, demand, authorization, direction, notice, consent, waiver
          or other action has been made, given or taken under the indenture (Section
          1304).</font></div>
    </td>
  </tr>
</table>
<p align="left"><font face="serif" size="2"><b>Discharge; Legal Defeasance and
      Covenant Defeasance</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Unless otherwise provided in the
      applicable prospectus supplement, the Operating Partnership and the Guarantors
      may discharge certain obligations to holders of any series of debt securities
      that have not already been delivered to the trustee for cancellation and
      that either have become due and payable or will become due and payable
      within one year (or are scheduled for redemption within one year) by irrevocably
      depositing with the trustee, in trust, funds in such currency or currencies,
      currency unit or units or composite currency or currencies in which such
      debt securities are payable in an amount sufficient to pay the entire indebtedness
      on such debt securities in respect of principal and premium, if any, and
      interest to the date of such deposit (if such debt securities have become
      due and payable) or to the stated maturity or redemption date, as the case
      may be (Section 404).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">In addition, the indenture provides
      that, unless otherwise provided in the applicable prospectus supplement,
      if the provisions of Article Four are made applicable to the debt securities
      of any series pursuant to the indenture, the Operating Partnership may
      elect either</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">to defease and discharge
          itself and the Guarantors from any and all obligations with respect
          to those debt securities (except for the obligation to pay additional
          amounts, if any, upon the occurrence of certain events of tax, assessment
          or governmental charge with respect to payments on such debt securities
          and the obligations to register the transfer or exchange of such debt
          securities, to replace temporary or mutilated, destroyed, lost or stolen
          debt securities, to maintain an office or agency in </font></div>
    </td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">18</font></p>
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<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">respect of such debt securities
          and to hold moneys for payment in trust) (&#147;legal defeasance&#148;)
          (Section 402); or</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">to release itself and the
          Guarantors from their obligations with respect to those debt securities
          under &#147;&#151;Covenants,&#148; &#147;&#151;Other Covenants&#148; or
          their obligations with respect to any other covenant, and any omission
          to comply with such obligations will not constitute a default or an
          event of default with respect to those debt securities (&#147;covenant
          defeasance&#148;) (Section 403);</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">in either case upon the irrevocable
      deposit by the Operating Partnership or the Guarantors with the trustee,
      in trust, of any amount, in such currency or currencies, currency unit
      or units or composite currency or currencies in which those debt securities
      are payable at stated maturity, or Government Obligations, or both, applicable
      to those debt securities which through the scheduled payment of principal
      and interest in accordance with their terms will provide money in an amount
      sufficient to pay the principal of and premium, if any, and interest on
      such debt securities, and any mandatory sinking fund or analogous payments
      thereon, on the scheduled due dates.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">This trust may only be established
      if, among other conditions, the Operating Partnership has delivered to
      the trustee an opinion of counsel to the effect that the holders of the
      debt securities will not recognize income, gain or loss for U.S. federal
      income tax purposes as a result of legal defeasance or covenant defeasance,
      as the case may be, and will be subject to U.S. federal income tax on the
      same amounts, in the same manner and at the same times as would have been
      the case if legal defeasance or covenant defeasance, as the case may be,
      had not occurred, and the opinion of counsel, in the case of legal defeasance,
      must refer to and be based upon a ruling of the Internal Revenue Service
      (the &#147;IRS&#148;) or a change in applicable U.S. federal income tax
      law occurring after the date of the indenture (Section 404).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">In the event the Operating Partnership
      effects covenant defeasance with respect to the debt securities of any
      series and those debt securities are declared due and payable because of
      the occurrence of any event of default other than an event of default described
      in clause (4) under &#147;Events of Default, Notice and Waiver&#148; with
      respect to the covenants described under &#147;&#151;Covenants&#148; and &#147;&#151;Other
      Covenants&#148; (which would no longer be applicable to those debt securities)
      or described in clause (7) under &#147;Events of Default, Notice and Waiver&#148; with
      respect to any other covenant as to which there has been covenant defeasance,
      the amount in the currency, currency unit or composite currency in which
      those debt securities are payable, and Government Obligations on deposit
      with the trustee, will be sufficient to pay amounts due on those debt securities
      at the time of their stated maturity but may not be sufficient to pay amounts
      due on those debt securities at the time of the acceleration resulting
      from such event of default. However, the Operating Partnership and the
      Guarantors would remain liable to make payment of those amounts due at
      the time of acceleration.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The applicable prospectus supplement
      may further describe the provisions, if any, permitting legal defeasance
      or covenant defeasance, including any modifications to the provisions described
      above, with respect to the debt securities of a particular series.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Subordination</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The terms and conditions, if any,
      upon which the debt securities of any series will subordinated to other
      indebtedness of the Operating Partnership, including the debt securities
      of other series, will be set forth in the applicable prospectus supplement.
      These terms will include a description of the indebtedness ranking senior
      to the debt securities of that series, the restrictions on payments to
      the holders of the debt securities of that series while a default with
      respect to the senior indebtedness is continuing, the restrictions, if
      any, on payments to the holders of the debt securities of that series following
      an event of default, and provisions requiring holders of the debt securities
      of that series to remit certain payments to holders of senior indebtedness.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Book-Entry System and Global Securities</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The debt securities of a series
      may be issued in whole or in part in the form of one or more securities
      in global form that will be deposited with, or on behalf of, a depository
      identified in the applicable prospectus supplement relating to that series.
      Global securities, if any, issued in the United States are expected to
      be deposited with The Depository Trust Company or &#147;DTC,&#148; as depository.
      Unless otherwise indicated, global</font></p>
</div>
<p align="center"><font face="serif" size="2">19</font></p>
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<p align="left"><font face="serif" size="2">securities will be issued in fully
    registered form and in either temporary or permanent form. Unless the applicable
    prospectus supplement states otherwise, and until it is exchanged in whole
    or in part for the debt securities represented thereby, a global security
    may not be transferred except as a whole by the depository for that global
    security to a nominee of that depository or by a nominee of that depository
    to that depository or another nominee of such depository or by that depository
    or any nominee of that depository to a successor depository or any nominee
    of that successor.</font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The specific terms of the depository
      arrangement with respect to a series of debt securities will be described
      in the applicable prospectus supplement. We anticipate that, unless otherwise
      indicated in the applicable prospectus supplement, the following provisions
      will apply to depository arrangements.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The applicable prospectus supplement
      will state whether the global securities will be issued in certificated
      or book-entry form. If the global securities are to be issued in book-entry
      form, we expect that upon the issuance of a global security, the depository
      for the global security or its nominee will credit on its book-entry registration
      and transfer system the respective principal amounts of the individual
      debt securities represented by the global security to the accounts of persons
      that have accounts with such depository (&#147;participants&#148;). These
      accounts will be designated by the underwriters, dealers or agents with
      respect to the debt securities. Ownership of beneficial interests in a
      global security will be limited to participants or persons that may hold
      interests through participants.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">We expect that, for the global
      securities deposited with DTC, pursuant to procedures established by DTC,
      ownership of beneficial interests in any global security with respect to
      which DTC is the depository will be shown on, and the transfer of that
      ownership will be effected only through, records maintained by DTC or its
      nominee (with respect to beneficial interests of participants) and records
      of participants (with respect to beneficial interests of persons who hold
      through participants). None of the Operating Partnership, the Guarantors,
      the trustee, any paying agent and the security registrar will have any
      responsibility or liability for any aspect of the records of DTC or for
      maintaining, supervising or reviewing any records of DTC or any of its
      participants relating to beneficial ownership interests in the debt securities.
      The laws of some states require that certain purchasers of securities take
      physical delivery of such securities in definitive form. These limits and
      laws may impair the ability to own, pledge or transfer beneficial interest
      in a global security.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Unless otherwise specified in the
      applicable prospectus supplement or the actual global security, so long
      as the depository for a global security or its nominee is the registered
      owner of the book-entry global security, the depository or that nominee,
      as the case may be, will be considered the sole owner or holder of the
      debt securities represented by that global security for all purposes under
      the applicable indenture. Except as described below or in the applicable
      prospectus supplement or the global security, owners of beneficial interest
      in a global security will not be entitled to have any of the individual
      debt securities represented by the global security registered in their
      names, will not receive or be entitled to receive delivery of debt securities
      in definitive certificated form and will not be considered the owners or
      holders thereof under the applicable indenture. Beneficial owners of debt
      securities evidenced by a global security will not be considered the owners
      or holders thereof under the indenture for any purpose, including with
      respect to the giving of any direction, instructions or approvals to the
      trustee thereunder. Accordingly, each person owning a beneficial interest
      in a global security with respect to which DTC is the depository must rely
      on the procedures of DTC and, if that person is not a participant, on the
      procedures of the participant through which that person owns its interests,
      to exercise any rights of a holder under the applicable indenture. We understand
      that, under existing industry practice, if we request any action of holders
      or if an owner of a beneficial interest in a global security desires to
      give or take any action which a holder is entitled to give or take under
      the applicable indenture, DTC would authorize the participants holding
      the relevant beneficial interest to give or take that action, and the participants
      would authorize beneficial owners through the participants to give or take
      that action or would otherwise act upon the instructions of beneficial
      owners holding through them.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Payments of principal of and premium,
      if any, and interest on debt securities represented by a global security
      registered in the name of a depository or its nominee will be made to or
      at the direction of the depository or its nominee, as the case may be,
      as the registered owner of the global security under the indenture. Under
      the terms of the indenture, the Operating Partnership, the Guarantors,
      the trustee, any paying</font></p>
</div>
<p align="center"><font face="serif" size="2">20</font></p>
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<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="2">agent and the security registrar
    may treat the persons in whose name debt securities, including a global security,
    are registered as the owners thereof for the purpose of receiving such payments.
    Consequently, none of the Operating Partnership, the Guarantors, the trustee,
    any paying agent and the security registrar has or will have any responsibility
    or liability for the payment of those amounts to beneficial owners of debt
    securities (including principal, premium, if any, and interest). We believe,
    however, that it is currently the policy of DTC to immediately credit the
    accounts of relevant participants with payments, in amounts proportionate
    to their respective holdings of beneficial interests in the relevant global
    security as shown on the records of DTC or its nominee. Payments by participants
    to owners of beneficial interests in the global security held through participants
    will be governed by standing instructions and customary practices, as is
    the case with securities held for the account of customers in bearer form
    or registered in street name, and will be the responsibility of the participants.
    Redemption notices with respect to any debt securities represented by a global
    security will be sent to the depository or its nominee. If less than all
    of the debt securities of any series are to be redeemed, we expect the depository
    to determine the amount of the interest of each participant in the debt securities
    to be redeemed to be determined by lot. None of the Operating Partnership,
    the Guarantors, the trustee, any paying agent and the security registrar
    for the debt securities will have any responsibility or liability for any
    aspect of the records relating to or payments made on account of beneficial
    ownership interests in the global security for the debt securities or for
    maintaining any records with respect thereto.</font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">None of the Operating Partnership,
      the Guarantors, the trustee, any paying agent and the security registrar
      will be liable for any delay by the holders of a global security or the
      depository in identifying the beneficial owners of debt securities and
      the Operating Partnership, the Guarantors and the trustee may conclusively
      rely on, and will be protected in relying on, instructions from the holder
      of a global security or the depository for all purposes. The rules applicable
      to DTC and its participants are on file with the SEC.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">If a depository for any debt securities
      is at any time unwilling, unable or ineligible to continue as depository
      and a successor depository is not appointed by the Operating Partnership
      within 90 days, the Operating Partnership will issue definitive certificated
      debt securities in exchange for the global security representing those
      debt securities. If an event of default has occurred and is continuing
      with respect to the debt securities of any series, the Operating Partnership
      will issue definitive certificated debt securities in exchange for the
      global security or securities representing the debt securities of such
      series. In addition, the Operating Partnership may at any time and in its
      sole discretion, subject to any limitations described in the applicable
      prospectus supplement or the global security relating to the debt securities,
      determine not to have any of the debt securities represented by one or
      more global securities and in such event will issue definitive certificated
      debt securities in exchange for the global security or securities representing
      the debt securities.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The debt securities of a series
      may also be issued in whole or in part in the form of one or more bearer
      global securities that will be deposited outside of the United States with
      a depository, or with a nominee for the depository, identified in the applicable
      prospectus supplement and/or global security. Any such bearer global securities
      may be issued in temporary or permanent form. The specific terms and procedures,
      including the specific terms of the depository arrangement, with respect
      to any portion of a series of debt securities to be represented by one
      or more bearer global securities will be described in the applicable prospectus
      supplement and/or global security.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Certain Definitions</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The following are certain defined
      terms used in this prospectus and the indenture. We refer you to the indenture
      for the complete definition of all defined terms, as well as any other
      capitalized terms used in this prospectus or the applicable prospectus
      supplement for which no definition is provided (Section 101).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">For purposes of the following definitions
      and the indenture generally, all calculations and determinations will be
      made in accordance with generally accepted accounting principles and will
      be based upon the consolidated financial statements of the Operating Partnership
      and its Subsidiaries prepared in accordance with generally accepted accounting
      principles.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><i>&#147;Acquired Indebtedness&#148; </i>means
      Indebtedness of a person (1) existing at the time that person becomes a
      Subsidiary or (2) assumed in connection with the acquisition of assets
      from that person, in each case, other</font></p>
</div>
<p align="center"><font face="serif" size="2">21</font></p>
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<p align="left"><font face="serif" size="2">than Indebtedness incurred in connection
    with, or in contemplation of, that person becoming a Subsidiary or that acquisition.
    Acquired Indebtedness will be deemed to be incurred on the date of the related
    acquisition of assets from any person or the date on which the acquired person
    becomes a Subsidiary.</font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><i>&#147;Annual Debt Service Charge&#148; </i>means,
      for any period, the aggregate interest expense (including, without limitation,
      the interest component of rentals on capitalized leases and letter of credit
      fees, commitment fees and other similar financial charges) for that period
      in respect of, and the amortization during such period of any original
      issue discount of, the Operating Partnership&#146;s Indebtedness and that
      of its Subsidiaries.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><i>&#147;Consolidated Income Available
        for Debt Service&#148; </i>means, for any period, Earnings from Operations
        plus amounts which have been deducted, and minus amounts which have been
        added, for the following (without duplication):</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">Annual Debt Service Charge;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">provision for taxes based
          on income;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(3)</font></td>
    <td><div align="left"><font face="serif" size="2">provisions for gains and
          losses on properties and depreciation and amortization;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(4)</font></td>
    <td><div align="left"><font face="serif" size="2">increases in deferred taxes
          and other non-cash items;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(5)</font></td>
    <td><div align="left"><font face="serif" size="2">depreciation and amortization
          with respect to interests in joint venture and partially owned entity
          investments;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(6)</font></td>
    <td><div align="left"><font face="serif" size="2">the effect of any charge
          resulting from a change in accounting principles; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(7)</font></td>
    <td><div align="left"><font face="serif" size="2">amortization of deferred
          charges.</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><i>&#147;Earnings from Operations&#148; </i>means,
      for any period, net income or loss of the Operating Partnership and its
      Subsidiaries, excluding:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">provisions for gains and
          losses on sales of investments or joint ventures;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">provisions for gains and
          losses on dispositions of discontinued operations</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(3)</font></td>
    <td><div align="left"><font face="serif" size="2">extraordinary and non-recurring
          items; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(4)</font></td>
    <td><div align="left"><font face="serif" size="2">impairment charges and
          property valuation losses.</font></div>
    </td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">as reflected in the consolidated
    financial statements of the Operating Partnership and its Subsidiaries for
    that period.</font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><i>&#147;Encumbrance&#148; </i>means
      any mortgage, lien, charge, pledge or security interest of any kind.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><i>&#147;Government Obligations&#148; </i>means
      securities which are:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">direct obligations of the
          United States of America or the government which issued the foreign
          currency in which the debt securities of a particular series are payable;
          or</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">obligations of a person
          controlled or supervised by and acting as an agency or instrumentality
          of the United States of America, or the government which issued the
          foreign currency in which the debt securities of that series are payable,
          the payment of which is unconditionally guaranteed by the United States
          of America or that other government;</font></div>
    </td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">which in either case, are full faith
    and credit obligations of the United States of America or that other government,
    and are not callable or redeemable at the option of the issuer thereof, and
    will also include a depositary receipt issued by a bank or trust company
    as custodian with respect to any such Government Obligation or a specific
    payment of interest on or principal of any such Government Obligation held
    by that custodian for the account of the holder of a depositary receipt,
    provided that (except as required by law) the custodian is not authorized
    to make any deduction from the amount payable to the holder of that depositary
    receipt from any amount received by the custodian in respect of the Government
    Obligation or the specific payment of interest on or principal of the Government
    Obligation evidenced by such depositary receipt.</font></p>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">22</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p23"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><i>&#147;Indebtedness&#148; </i>means,
      with respect to the Operating Partnership or any of its Subsidiaries (without
      duplication) any indebtedness of the Operating Partnership or any of its
      respective Subsidiaries:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">in respect of borrowed
          money;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">evidenced by bonds, notes,
          debentures or similar instruments;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(3)</font></td>
    <td><div align="left"><font face="serif" size="2">secured by any mortgage,
          pledge, lien, charge, encumbrance or any security interest existing
          on property owned by the Operating Partnership or any of its Subsidiaries;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(4)</font></td>
    <td><div align="left"><font face="serif" size="2">consisting of letters of
          credit or amounts representing the balance deferred and unpaid of the
          purchase price of any property, except any such balance that constitutes
          an accrued expense or trade payable; or</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(5)</font></td>
    <td><div align="left"><font face="serif" size="2">consisting of capitalized
          leases;</font></div>
    </td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">and also includes, to the extent
    not otherwise included, any obligation by the Operating Partnership or any
    of its Subsidiaries to be liable for, or to pay, as obligor, guarantor or
    otherwise (other than for purposes of collection in the ordinary course of
    business), indebtedness of another person (other than the Operating Partnership
    or its Subsidiaries), it being understood that indebtedness shall be deemed
    to be incurred by the Operating Partnership or any of its Subsidiaries whenever
    it or that Subsidiary creates, assumes, guarantees or otherwise becomes liable
    in respect thereof.</font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><i>&#147;Intercompany Indebtedness&#148; </i>means
      indebtedness to which the only parties are the Operating Partnership, Brandywine
      and any Subsidiary (but only so long as such indebtedness is held solely
      by any of the Operating Partnership, Brandywine and any Subsidiary) that
      is subordinate in right of payment to the debt securities.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><i>&#147;Significant Subsidiary&#148; </i>means
      each significant subsidiary (as defined in Regulation S-X promulgated under
      the Securities Act) of the Operating Partnership.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><i>&#147;Subsidiary&#148; </i>means,
      as to any person, (a) any corporation more than 50% of whose stock of any
      class or classes having by the terms thereof ordinary voting power to elect
      a majority of the directors of such corporation (irrespective of whether
      or not at the time, any class or classes of stock of such corporation shall
      have or might have voting power by reason of the lapse of time or the happening
      of any contingency) is at the time owned by such person directly or indirectly
      through Subsidiaries, and (b) any partnership, association, joint venture,
      limited liability company, trust or other entity in which such person directly
      or indirectly through Subsidiaries has more than a 50% equity interest
      or 50% Capital Percentage at any time. For the purpose of this definition, &#147;Capital
      Percentage&#148; means, with respect to the interest of Brandywine, the
      Operating Partnership or one of its Subsidiaries in any partnership, association,
      joint venture, limited liability company, trust or other entity, the percentage
      interest of such partnership, association, joint venture, limited liability
      company, trust or other entity based on the aggregate amount of net capital
      contributed by Brandywine, the Operating Partnership or such Subsidiary
      in such partnership, association, joint venture, limited liability company,
      trust or other entity at the time of determination relative to all capital
      contributions made in such partnership, association, joint venture, limited
      liability company, trust or other entity at such time of determination.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><i>&#147;Total Assets&#148; </i>means,
      as of any date, the sum of:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">the Undepreciated Real
          Estate Assets; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">all of the other assets
          of the Operating Partnership and its Subsidiaries determined in accordance
          with generally accepted accounting principles (but excluding accounts
          receivable and intangibles).</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><i>&#147;Total Unencumbered Assets&#148; </i>means
      the sum of:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">those Undepreciated Real
          Estate Assets not subject to an Encumbrance for borrowed money; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">all of the other assets
          of the Operating Partnership and its Subsidiaries not subject to an
          Encumbrance for borrowed money, determined in accordance with generally
          accepted accounting principles (but excluding accounts receivable and
          intangibles).</font></div>
    </td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">23</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p24"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><i>&#147;Undepreciated Real Estate
        Assets&#148; </i>means, as of any date, the cost (original cost plus
        capital improvements) of the real estate assets of the Operating Partnership
        and its Subsidiaries on that date, before depreciation and amortization
        determined in accordance with generally accepted accounting principles.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><i>&#147;Unsecured Indebtedness&#148; </i>means
      indebtedness which is not secured by any Encumbrance upon any of the properties
      of the Operating Partnership and its Subsidiaries.</font></p>
</div>
<p align="center"><font face="serif" size="2">24</font></p>
<hr noshade align="center" width="100%" size="2">
<page> <a name="p25"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"></font><font face="serif" size="2"><b><a name="p25a"></a>DESCRIPTION
      OF THE SHARES OF BENEFICIAL INTEREST</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The following is a summary of provisions
      of Brandywine&#146;s shares of beneficial interest as of the date of this
      Prospectus. This summary does not completely describe Brandywine&#146;s
      shares of beneficial interest. For a complete description of Brandywine&#146;s
      shares of beneficial interest, we refer you to Brandywine&#146;s Declaration
      of Trust and Bylaws, each of which is incorporated by reference in this
      prospectus and any accompanying prospectus supplement. See &#147;Where
      You Can Find More Information&#148; on page 1.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>General</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine&#146;s Declaration of
      Trust provides that it is authorized to issue up to 220,000,000 shares
      of beneficial interest (which we refer to in this prospectus as shares)
      consisting of 200,000,000 common shares, par value $.01 per share, which
      are referred to in this prospectus as Brandywine&#146;s &#147;common shares,&#148; and
      20,000,000 preferred shares, par value $.01 per share, which are referred
      to in this prospectus as Brandywine&#146;s &#147;preferred shares.&#148; Of
      the preferred shares, 2,000,000 preferred shares, designated as 7.50% Series
      C Cumulative Redeemable Preferred Shares, are issued and outstanding as
      of the date of this prospectus and are referred to in this prospectus as
      the Series C Preferred Shares, and an additional 2,300,000 preferred shares,
      designated as 7.375% Series D Cumulative Redeemable Preferred Shares, are
      issued and outstanding as of the date of this prospectus and are referred
      to in this prospectus as the Series D Preferred Shares.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine&#146;s Declaration of
      Trust generally may be amended by its Board of Trustees, without shareholder
      approval, to increase or decrease the aggregate number of authorized shares
      or the number of shares of any class. The authorized common shares and
      undesignated preferred shares are generally available for future issuance
      without further action by Brandywine&#146;s shareholders, unless such action
      is required by applicable law, the rules of any stock exchange or automated
      quotation system on which Brandywine&#146;s securities may be listed or
      traded or pursuant to the preferential rights of the Series C Preferred
      Shares or the Series D Preferred Shares. Holders of Series C Preferred
      Shares and Series D Preferred Shares have the right to approve certain
      additional issuances of preferred shares, such as shares that would rank
      senior to the Series C Preferred Shares or the Series D Preferred Shares
      as to distributions or upon liquidation.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Both Maryland statutory law governing
      real estate investment trusts formed under Maryland law (the &#147;Maryland
      REIT Law&#148;) and Brandywine&#146;s Declaration of Trust provide that
      none of its shareholders will be personally liable, by reason of status
      as a shareholder, for any of its obligations. Brandywine&#146;s Bylaws
      further provide that it will indemnify any shareholder or former shareholder
      against any claim or liability to which such shareholder may become subject
      by reason of being or having been a shareholder, and that Brandywine shall
      reimburse each shareholder who has been successful, on the merits or otherwise,
      in the defense of a proceeding to which the shareholder has been made a
      party by reason of status as such for all reasonable expenses incurred
      by the shareholder in connection with any such claim or liability.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine&#146;s Declaration of
      Trust provides that, subject to the provisions of any class or series of
      preferred shares then outstanding and to the mandatory provisions of applicable
      law, its shareholders are entitled to vote only on the following matters:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">election or removal of
          trustees;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">amendment of the Declaration
          of Trust (other than an amendment to increase or decrease the number
          of authorized shares or the number of shares of any class);</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">a determination by the
          Board of Trustees to cause Brandywine to invest in commodities contracts
          (other than interest rate futures intended to hedge against interest
          rate risk), engage in securities trading (as compared to investment)
          activities or hold properties primarily for sale to customers in the
          ordinary course of business; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Brandywine&#146;s merger
          with another entity.</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Except with respect to these matters,
      no action taken by Brandywine&#146;s shareholders at any meeting binds
      the Board of Trustees.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">25</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p26"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="2"><b>Shares</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><b><i>Common Shares of Beneficial
          Interest</i></b></font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Each outstanding Brandywine common
      share entitles the holder to one vote on all matters submitted to a vote
      of shareholders, including the election of trustees. There is no cumulative
      voting in the election of trustees. The Brandywine common shareholders
      vote as single class. In the future, Brandywine may issue a series of preferred
      shares that votes together with the Brandywine common shares as a single
      class. Holders of Brandywine&#146;s outstanding preferred shares have voting
      rights only under limited circumstances and, in such circumstances, vote
      in a class separate from the Brandywine common shareholders. See &#147;&#151;Preferred
      Shares of Beneficial Interest.&#148; Subject to (1) the preferential rights
      of the Series C Preferred Shares and the Series D Preferred Shares and
      (2) such preferential rights as may be granted by the Brandywine Board
      of Trustees in future issuances of additional series of preferred shares,
      holders of Brandywine common shares are entitled to such distributions
      as may be authorized from time to time by the Brandywine Board of Trustees
      and declared by Brandywine out of funds legally available therefor.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Holders of Brandywine common shares
      have no conversion, exchange or redemption rights or preemptive rights
      to subscribe to any Brandywine securities. All outstanding Brandywine common
      shares are fully paid and nonassessable. In the event of any liquidation,
      dissolution or winding-up of Brandywine&#146;s affairs, subject to (1)
      the preferential rights of the Brandywine Series C Preferred Shares and
      the Brandywine Series D Preferred Shares and (2) such preferential rights
      as may be granted by the Board of Trustees in future issuances of additional
      series of preferred shares, holders of Brandywine common shares will be
      entitled to share ratably in any of Brandywine&#146;s assets remaining
      after provision for payment of liabilities to creditors. All Brandywine
      common shares have equal dividend, distribution, liquidation and other
      rights.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine&#146;s common shares
      are listed on the New York Stock Exchange under the symbol &#147;BDN.&#148; The
      transfer agent and registrar for the common shares is currently Computershare
      Limited.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><b><i>Preferred Shares of Beneficial
          Interest</i></b></font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine&#146;s Declaration of
      Trust authorizes it to issue up to 20,000,000 preferred shares, par value
      $0.01 per share. The Declaration of Trust generally may be amended by the
      Board of Trustees, without shareholder approval, to increase or decrease
      the aggregate number of authorized shares of any class.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The holders of the Series C Preferred
      Shares and the Series D Preferred Shares do not have voting rights, except
      (1) with respect to actions which would have a material adverse effect
      on holders of such shares, or (2) in the event that Brandywine fails to
      pay quarterly distributions for six or more quarters to the holders of
      the Series C Preferred Shares or the Series D Preferred Shares. If the
      conditions specified in clause (2) exist, then those holders will have
      the right, voting together as a single class with any other series of Brandywine&#146;s
      preferred shares ranking on a parity with the Series C Preferred Shares
      and the Series D Preferred Shares and upon which like voting rights have
      been conferred, to elect two additional members to Brandywine&#146;s Board
      of Trustees.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">If Brandywine issues preferred
      shares, the shares will be fully paid and non-assessable. Prior to the
      issuance of a new series of preferred shares, Brandywine will file, with
      the State Department of Assessments and Taxation of Maryland, Articles
      Supplementary that will become part of Brandywine&#146;s Declaration of
      Trust and that will set forth the terms of the new series. The prospectus
      supplement relating to any preferred shares offered thereby will describe
      the specific terms of the preferred shares, including:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the title and stated value;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the number of shares offered,
          liquidation preference and offering price;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the distribution rate,
          distribution periods and payment dates;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the date on which distributions
          begin to accrue, and, if applicable, accumulate;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">any auction and remarketing
          procedures;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">any retirement or sinking
          fund requirement;</font></div>
    </td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">26</font></p>
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<div style="page-break-before:always"></div>
<page> <a name="p27"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the terms and conditions
          of any redemption right;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the terms and conditions
          of any conversion or exchange right;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">any listing of the offered
          shares on any securities exchange;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">whether interests in the
          offered shares will be represented by depositary shares;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">any voting rights;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the relative ranking and
          preferences of the preferred shares as to distributions, liquidation,
          dissolution or winding up;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">any limitations on issuances
          of any other series of preferred shares ranking senior to or on a parity
          with the series of preferred shares as to distributions, liquidation,
          dissolution or winding up;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">any limitations on direct
          or beneficial ownership and restrictions on transfer; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">any other specific terms,
          preferences, rights, limitations or restrictions.</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><i>Restrictions on Transfer</i></font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">In order for Brandywine to qualify
      as a REIT under the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;),
      not more than 50% in value of its outstanding shares may be owned, directly
      or indirectly, by five or fewer individuals (defined in the Code to include
      certain entities such as qualified pension plans) during the last half
      of a taxable year and shares must be beneficially owned by 100 or more
      persons during at least 335 days of a taxable year of twelve months (or
      during a proportionate part of a shorter taxable year).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Because Brandywine&#146;s Board
      of Trustees believes it is at present important for it to continue to qualify
      as a REIT, the Declaration of Trust, subject to certain exceptions, contains
      provisions that restrict the number of shares that a person may own and
      that are designed to safeguard Brandywine against an inadvertent loss of
      REIT status. In order to prevent any shareholder from owning shares in
      an amount that would cause more than 50% in value of the outstanding shares
      to be held by five or fewer individuals, the Board of Trustees, pursuant
      to authority granted in Brandywine&#146;s Declaration of Trust, has passed
      a resolution that, subject to certain exceptions, provides that no person
      may own, or be deemed to own by virtue of the attribution provisions of
      the Code, more than 9.8% in value of the outstanding shares. This limitation
      is referred to in this prospectus as the &#147;ownership limit.&#148; Brandywine&#146;s
      Board of Trustees, subject to limitations, retains the authority to effect
      additional increases to, or establish exemptions from, the ownership limit.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">In addition, pursuant to Brandywine&#146;s
      Declaration of Trust, no purported transfer of shares may be given effect
      if it would result in ownership of all of the outstanding shares by fewer
      than 100 persons (determined without any reference to the rules of attribution)
      or result in Brandywine being &#147;closely held&#148; within the meaning
      of Section 856(h) of the Code. These restrictions are referred to in this
      prospectus as the &#147;ownership restrictions.&#148; In the event of a
      purported transfer or other event that would, if effective, result in the
      ownership of shares in violation of the ownership limit or the ownership
      restrictions, such transfer would be deemed void and such shares automatically
      would be exchanged for &#147;excess shares&#148; authorized by the Declaration
      of Trust, according to rules set forth in the Declaration of Trust, to
      the extent necessary to ensure that the purported transfer or other event
      does not result in the ownership of shares in violation of the ownership
      limit or the ownership restrictions.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Holders of excess shares are not
      entitled to voting rights (except to the extent required by law), dividends
      or distributions. If, after the purported transfer or other event resulting
      in an exchange of shares for excess shares and prior to the discovery by
      Brandywine of such exchange, dividends or distributions are paid with respect
      to shares that were exchanged for excess shares, then such dividends or
      distributions would be repayable to Brandywine upon demand. While outstanding,
      excess shares would be held in trust by Brandywine for the benefit of the
      ultimate transferee of an interest in such trust, as described below. While
      excess shares are held in trust, an interest in that trust may be transferred
      by the purported transferee or other purported holder with respect to such
      excess shares only to a person whose ownership of the shares would not
      violate the ownership limit or the ownership restrictions, at which time
      the excess shares would be exchanged automatically for shares of the same
      type and class as the shares for which the excess shares were</font></p>
</div>
<p align="center"><font face="serif" size="2">27</font></p>
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<page> <a name="p28"></a>
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<p align="left"><font face="serif" size="2">originally exchanged. Brandywine&#146;s
    Declaration of Trust contains provisions that are designed to ensure that
    the purported transferee or other purported holder of the excess shares may
    not receive in return for such a transfer an amount that reflects any appreciation
    in the shares for which such excess shares were exchanged during the period
    that such excess shares were outstanding. Any amount received by a purported
    transferee or other purported holder in excess of the amount permitted to
    be received would be required to be turned over to Brandywine.</font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine&#146;s Declaration of
      Trust also provides that excess shares shall be deemed to have been offered
      for sale to Brandywine, or its designee, which shall have the right to
      accept such offer for a period of 90 days after the later of: (1) the date
      of the purported transfer or event which resulted in an exchange of shares
      for such excess shares; and (2) the date the Board of Trustees determines
      that a purported transfer or other event resulting in an exchange of shares
      for such excess shares has occurred if Brandywine does not receive notice
      of any such transfer. The price at which Brandywine may purchase such excess
      shares would be equal to the lesser of: (1) in the case of excess shares
      resulting from a purported transfer for value, the price per share in the
      purported transfer that caused the automatic exchange for such excess shares
      or, in the case of excess shares resulting from some other event, the market
      price of such shares on the date of the automatic exchange for excess shares;
      or (2) the market price of such shares on the date that Brandywine accepts
      the excess shares. Any dividend or distribution paid to a proposed transferee
      on excess shares prior to the discovery by Brandywine that such shares
      have been transferred in violation of the provisions of the Declaration
      of Trust shall be repaid to Brandywine upon its demand. If the foregoing
      restrictions are determined to be void or invalid by virtue of any legal
      decision, statute, rule or regulation, then the intended transferee or
      holder of any excess shares may be deemed, at Brandywine&#146;s option,
      to have acted as Brandywine&#146;s agent and on Brandywine&#146;s behalf
      in acquiring or holding such excess shares and to hold such excess shares
      on Brandywine&#146;s behalf.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine&#146;s trustees may
      waive the ownership restrictions if evidence satisfactory to the trustees
      and its tax counsel or tax accountants is presented showing that such waiver
      will not jeopardize Brandywine&#146;s status as a REIT under the Code.
      As a condition of such waiver, Brandywine&#146;s trustees may require that
      an intended transferee give written notice to Brandywine, furnish such
      undertakings, agreements and information as may be required by Brandywine&#146;s
      trustees and/or an undertaking from the applicant with respect to preserving
      Brandywine&#146;s status. Any transfer of shares or any security convertible
      into shares that would create a direct or indirect ownership of shares
      in excess of the ownership limit or result in the violation of the ownership
      restrictions will be void with respect to the intended transferee and will
      result in excess shares as described above.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Neither the ownership restrictions
      nor the ownership limit will be removed automatically even if the REIT
      provisions of the Code are changed so as no longer to contain any ownership
      concentration limitation or if the ownership concentration limitation is
      increased. Except as described above, any change in the ownership restrictions
      would require an amendment to Brandywine&#146;s Declaration of the Trust.
      Amendments to Brandywine&#146;s Declaration of Trust generally require
      the affirmative vote of holders owning not less than a majority of the
      outstanding shares entitled to vote thereon. In addition to preserving
      Brandywine&#146;s status as a REIT, the ownership restrictions and the
      ownership limit may have the effect of precluding an acquisition of control
      of Brandywine without the approval of its Board of Trustees.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">All persons who own, directly or
      by virtue of the applicable attribution provisions of the Code, more than
      4.0% of the value of any class of outstanding shares, must file an affidavit
      with Brandywine containing the information specified in the Declaration
      of Trust by January 31 of each year. In addition, each shareholder shall
      upon demand be required to disclose to Brandywine in writing such information
      with respect to the direct, indirect and constructive ownership of shares
      as Brandywine&#146;s trustees deem necessary to comply with the provisions
      of the Code applicable to REITs, to comply with the requirements of any
      taxing authority or governmental agency or to determine any such compliance.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The ownership limit could have
      the effect of delaying, deferring or preventing a transaction or a change
      in control of Brandywine that might involve a premium price for the common
      shares or otherwise be in the best interest of Brandywine&#146;s shareholders.</font></p>
</div>
<p align="center"><font face="serif" size="2">28</font></p>
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<page> <a name="p29"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b><a name="p29a"></a>DESCRIPTION
      OF THE DEPOSITARY SHARES</b></font></p>
<p align="left"><font face="serif" size="2"><b>General</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine may issue receipts (which
      we refer to in this prospectus as &#147;depositary receipts&#148;) for
      the depositary shares (which we refer to in this prospectus as &#147;depository
      shares&#148;), each of which will represent a fractional interest of a
      share of a particular series of preferred shares, as specified in the applicable
      prospectus supplement. Brandywine will deposit preferred shares of each
      series represented by depository shares under a separate deposit agreement
      among Brandywine, the preferred share depositary and the holders from time
      to time of the depositary receipts. Subject to the terms of the deposit
      agreement, each owner of a depositary receipt will be entitled, in proportion
      to the fractional interest of a share of a particular series of preferred
      shares represented by the depositary shares evidenced by such depositary
      receipt, to all the rights and preferences of the preferred shares represented
      by such depositary shares (including distribution, voting, conversion,
      redemption and liquidation rights).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The depositary shares will be evidenced
      by depositary receipts issued pursuant to the applicable deposit agreement.
      Immediately following Brandywine&#146;s issuance and delivery of the preferred
      shares to the preferred share depositary, Brandywine will cause the preferred
      share depositary to issue, on Brandywine&#146;s behalf, the depositary
      receipts. Copies of the applicable form of deposit agreement and depositary
      receipt may be obtained from Brandywine upon request, and the following
      summary of that form filed as an exhibit to the registration statement
      of which this prospectus is a part is qualified in its entirety by reference
      to these documents.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Distributions</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The preferred share depositary
      will distribute all cash distributions received in respect of the preferred
      shares to the record holders of depositary receipts evidencing the related
      depositary shares in proportion to the number of such depositary receipts
      owned by such holders, subject to certain obligations of holders to file
      proofs, certificates and other information and to pay certain charges and
      expenses to the preferred share depositary.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">In the event of a distribution
      other than in cash, the preferred share depositary will distribute property
      received by it to the record holders of depositary receipts entitled to
      such distributions, subject to certain obligations of holders to file proofs,
      certificates and other information and to pay certain charges and expenses
      to the preferred share depositary, unless the preferred share depositary
      determines that it is not feasible to make such distribution, in which
      case the preferred share depositary may, with our approval, sell such property
      and distribute the net proceeds from such sale to such holders.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">No distribution will be made in
      respect of any depositary share to the extent that it represents any preferred
      shares converted into excess shares.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Withdrawal of Shares</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Upon surrender of the depositary
      receipts at the corporate trust office of the preferred share depositary
      (unless the related depositary shares have previously been called for redemption
      or converted into excess shares), the holders of the depositary receipts
      will be entitled to delivery at such office, to or upon such holder&#146;s
      order, of the number of whole or fractional preferred shares and any money
      or other property represented by the depositary shares evidenced by such
      depositary receipts. Holders of depositary receipts will be entitled to
      receive whole or fractional shares of the related preferred shares on the
      basis of the proportion of the preferred shares represented by each depositary
      share as specified in the applicable prospectus supplement, but holders
      of such preferred shares will not thereafter be entitled to receive depositary
      shares therefor. If the depositary receipts delivered by the holder evidence
      a number of depositary shares in excess of the number of depositary shares
      representing the number of preferred shares to be withdrawn, the preferred
      share depositary will deliver to such holder at the same time a new depositary
      receipt evidencing such excess number of depositary shares.</font></p>
</div>
<p align="left"><font face="serif" size="2">&nbsp;</font></p>
<p align="center"><font face="serif" size="2">29</font></p>
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<page> <a name="p30"></a>
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<p align="left"><font face="serif" size="2"><b>Redemption of Depositary Shares</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Whenever Brandywine redeems preferred
      shares held by the preferred share depositary, the preferred share depositary
      will redeem as of the same redemption date the number of depositary shares
      representing the preferred shares so redeemed, provided Brandywine has
      paid in full to the preferred share depositary the redemption price of
      the preferred shares to be redeemed plus an amount equal to any accrued
      and unpaid distributions thereon to the date fixed for redemption. The
      redemption price per depositary share will be equal to the redemption price
      and any other amounts per share payable with respect to the preferred shares.
      If fewer than all the depositary shares are to be redeemed, the depositary
      shares to be redeemed will be selected pro rata (as nearly as may be practicable
      without creating fractional depositary shares) or by any other equitable
      method determined by us that will not result in the issuance of any excess
      shares.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">From and after the date fixed for
      redemption, all distributions in respect of the preferred shares so called
      for redemption will cease to accrue, the depositary shares so called for
      redemption will no longer be deemed to be outstanding and all rights of
      the holders of the depositary receipts evidencing the depositary shares
      so called for redemption will cease, except the right to receive any monies
      payable upon such redemption and any money or other property to which the
      holders of such depositary receipts were entitled upon such redemption
      upon surrender thereof to the preferred share depositary.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Voting of the Preferred Shares</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Upon receipt of notice of any meeting
      at which the holders of the preferred shares are entitled to vote, the
      preferred share depositary will mail the information contained in such
      notice of meeting to the record holders of the depositary receipts evidencing
      the depositary shares which represent such preferred shares. Each record
      holder of depositary receipts evidencing depositary shares on the record
      date (which will be the same date as the record date for the preferred
      shares) will be entitled to instruct the preferred share depositary as
      to the exercise of the voting rights pertaining to the amount of preferred
      shares represented by such holder&#146;s depositary shares. The preferred
      share depositary will vote the amount of preferred shares represented by
      such depositary shares in accordance with such instructions, and we will
      agree to take all reasonable actions that may be deemed necessary by the
      preferred share depositary in order to enable the preferred share depositary
      to do so. The preferred share depositary will abstain from voting the amount
      of preferred shares represented by such depositary shares to the extent
      it does not receive specific instructions from the holders of depositary
      receipts evidencing such depositary shares. The preferred share depositary
      will not be responsible for any failure to carry out any instruction to
      vote, or for the manner or effect of any such vote made, as long as any
      such action or non-action is in good faith and does not result from negligence
      or willful misconduct of the preferred share depositary.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Liquidation Preference</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">In the event of our liquidation,
      dissolution or winding up, whether voluntary or involuntary, the holders
      of each depositary receipt will be entitled to the fraction of the liquidation
      preference, if any, accorded each preferred share represented by the depositary
      share evidenced by such depositary receipt, as set forth in the applicable
      prospectus supplement.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Conversion of Preferred Shares</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The depositary shares, as such,
      are not convertible into common shares or any of our other securities or
      property, except in connection with certain conversions in connection with
      the preservation of Brandywine&#146;s status as a REIT. Nevertheless, if
      so specified in the applicable prospectus supplement relating to an offering
      of depositary shares, the depositary receipts may be surrendered by holders
      thereof to the preferred share depositary with written instructions to
      the preferred share depositary to instruct Brandywine to cause conversion
      of the preferred shares represented by the depositary shares evidenced
      by such depositary receipts into whole common shares, other preferred shares
      (including excess shares) or other shares of beneficial interest. If the
      depositary shares evidenced by a depositary receipt are to be converted
      in part only, a new depositary receipt or receipts will be issued for any
      depositary shares not to be converted. No fractional common shares will
      be issued upon conversion, and if such conversion will result in a fractional
      share being issued, we will pay an amount in cash equal to the value of
      the fractional interest based upon the closing price of the common shares
      on the last business day prior to the conversion.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">30</font></p>
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<page> <a name="p31"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="2"><b>Amendment and Termination of the
      Deposit Agreement</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The form of depositary receipt
      evidencing the depositary shares which represent the preferred shares and
      any provision of the deposit agreement may at any time be amended by agreement
      between us and the preferred share depositary. However, any amendment that
      materially and adversely alters the rights of the holders of depositary
      receipts or that would be materially and adversely inconsistent with the
      rights granted to the holders of the related preferred shares will not
      be effective unless such amendment has been approved by the existing holders
      of at least a majority of the depositary shares evidenced by the depositary
      receipts then outstanding. No amendment shall impair the right, subject
      to certain exceptions in the depositary agreement, of any holder of depositary
      receipts to surrender any depositary receipt with instructions to deliver
      to the holder the related preferred shares and all money and other property,
      if any, represented thereby, except in order to comply with law. Every
      holder of an outstanding depositary receipt at the time any such amendment
      becomes effective shall be deemed, by continuing to hold such depositary
      receipt, to consent and agree to such amendment and to be bound by the
      deposit agreement as amended thereby.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Unless otherwise provided in the
      applicable prospectus supplement, Brandywine may terminate the deposit
      agreement upon not less than 30 days&#146; prior written notice to the
      preferred share depositary if: (1)&nbsp;such termination is necessary to
      assist in maintaining Brandywine&#146;s status as a REIT or (2)&nbsp;a
      majority of each series of preferred shares affected by such termination
      consents to such termination, whereupon the preferred share depositary
      shall deliver or make available to each holder of depositary receipts,
      upon surrender of the depositary receipts held by such holder, such number
      of whole or fractional preferred shares as are represented by the depositary
      shares evidenced by such depositary receipts together with any other property
      held by the preferred share depositary with respect to such depositary
      receipts. If the deposit agreement is terminated to assist in maintaining
      Brandywine&#146;s status as a REIT, then, if the depositary shares are
      listed on a national securities exchange, Brandywine will use its best
      efforts to list the preferred shares issued upon surrender of the related
      depositary shares on a national securities exchange. In addition, the deposit
      agreement will automatically terminate if: (1)&nbsp;all outstanding depositary
      shares shall have been redeemed, (2)&nbsp;there shall have been a final
      distribution in respect of the related preferred shares in connection with
      Brandywine&#146;s liquidation, dissolution or winding up and such distribution
      shall have been distributed to the holders of depositary receipts evidencing
      the depositary shares representing such preferred shares, or (3)&nbsp;each
      share of the related preferred shares shall have been converted into Brandywine&#146;s
      shares of beneficial interest not so represented by depositary shares.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Charges of Preferred Share Depositary</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine will pay all transfer
      and other taxes and governmental charges arising solely from the existence
      of the deposit agreement. In addition, Brandywine will generally pay the
      fees and expenses of the preferred share depositary in connection with
      the performance of its duties under the deposit agreement. However, holders
      of depositary receipts will pay certain other transfer and other taxes
      and governmental charges as well as the fees and expenses of the preferred
      share depositary for any duties requested by such holders to be performed
      which are outside of those expressly provided for in the deposit agreement.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Resignation and Removal of Depositary</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The preferred share depositary
      may resign at any time by delivering to Brandywine notice of its election
      to do so, and Brandywine may at any time remove the preferred share depositary,
      any such resignation or removal to take effect upon the appointment of
      a successor preferred share depositary. A successor preferred share depositary
      must be appointed within 60 days after delivery of the notice of resignation
      or removal and, unless otherwise specified in the applicable prospectus
      supplement, must be a bank or trust company having its principal office
      in the United States and having a combined capital and surplus of at least
      $50,000,000.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Miscellaneous</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The preferred share depositary
      will forward to holders of depositary receipts any reports and communications
      from us which are received by the preferred share depositary with respect
      to the related preferred shares.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">31</font></p>
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<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Neither Brandywine nor the preferred
      share depositary will be liable if it is prevented from or delayed in,
      by law or any circumstances beyond its control, performing its obligations
      under the deposit agreement. Brandywine&#146;s obligations and the preferred
      share depositary&#146;s obligations under the deposit agreement will be
      limited to performing their respective duties thereunder in good faith
      and without negligence (in the case of any action or inaction in the voting
      of preferred shares represented by the depositary shares), gross negligence
      or willful misconduct, and Brandywine and the preferred share depositary
      will not be obligated to prosecute or defend any legal proceeding in respect
      of any depositary receipts, depositary shares or preferred shares represented
      thereby unless satisfactory indemnity is furnished. Brandywine and the
      preferred share depositary may rely on written advice of counsel or accountants,
      or information provided by persons presenting preferred shares represented
      thereby for deposit, holders of depositary receipts or other persons believed
      in good faith to be competent to give such information, and on documents
      believed in good faith to be genuine and signed by a proper party.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">In the event the preferred share
      depositary receives conflicting claims, requests or instructions from Brandywine
      and any holders of depositary receipts, the preferred share depositary
      will be entitled to act on such claims, requests or instructions received
      from Brandywine.</font></p>
</div>
<p align="center"><font face="serif" size="2">32</font></p>
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<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b><a name="p33a"></a>DESCRIPTION
      OF THE WARRANTS</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine may issue warrants to
      purchase preferred shares, depositary shares or common shares, which we
      refer to in this prospectus as &#147;warrants.&#148; Warrants may be issued
      independently or together with any securities and may be attached to or
      separate from such securities. Each series of warrants will be issued under
      a separate warrant agreement to be entered into between us and a specified
      warrant agent. The warrant agent will act solely as Brandywine&#146;s agent
      in connection with the warrants of such series and will not assume any
      obligation or relationship of agency or trust for or with any holders or
      beneficial owners of warrants.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The applicable prospectus supplement
      will describe the following terms, where applicable, of the warrants in
      respect of which this prospectus is being delivered:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the title of the warrants;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the aggregate number of
          outstanding warrants;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the price or prices at
          which the warrants will be issued;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the price or prices at
          which the securities purchasable upon exercise of the warrants may
          be purchased;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the designation, amount
          and terms of the securities purchasable upon exercise of the warrants;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">if applicable, the date
          on and after which the warrants and the securities purchasable upon
          exercise of the warrants will be separately transferable;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the date on which the right
          to exercise the warrants shall commence and the date on which such
          right shall expire;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the minimum or maximum
          amount of the warrants which may be exercised at any one time;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">information with respect
          to book-entry procedures, if any;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">a discussion of federal
          income tax considerations; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">any other material terms
          of the warrants, including terms, procedures and limitations relating
          to the exchange and exercise of the warrants.</font></div>
    </td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">33</font></p>
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<page> <a name="p34"></a>
<p><a href="#index"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b><a name="p34a"></a>PROVISIONS
      OF MARYLAND LAW AND OF<br>
  BRANDYWINE&#146;S DECLARATION OF TRUST AND BYLAWS</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The following is a summary of provisions
      of Maryland law, Brandywine&#146;s Declaration of Trust and its Bylaws.
      This summary does not completely describe Maryland law, the Declaration
      of Trust or the Bylaws. For a complete description of each of the foregoing,
      we refer you to the Maryland statutes applicable to REITs, and Brandywine&#146;s
      Declaration of Trust and Bylaws.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Duration</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Under Brandywine&#146;s Declaration
      of Trust, Brandywine has a perpetual term of existence and will continue
      perpetually subject to the authority of its Board of Trustees to terminate
      its existence and liquidate its assets and subject to termination pursuant
      to the Maryland REIT Law.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Board of Trustees</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine&#146;s Declaration of
      Trust provides that the number of its trustees shall not be less than three
      nor more than 15. Any vacancy, including a vacancy created by an increase
      in the number of trustees, may be filled by a majority of the trustees.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine&#146;s trustees generally
      will each serve for a one-year term. In the event that Brandywine fails
      to pay quarterly distributions for six or more quarters to the holders
      of the Series C Preferred Shares and the Series D Preferred Shares, those
      holders will have the right, voting together as a single class with any
      other series of Brandywine&#146;s preferred shares ranking on a parity
      with the Series C Preferred Shares and the Series D Preferred Shares and
      upon which like voting rights have been conferred, to elect two additional
      members to the Board of Trustees. See &#147;Description of Shares of Beneficial
      Interest&#151;Preferred Shares of Beneficial Interest.&#148;</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine&#146;s Declaration of
      Trust generally provides that a trustee may be removed from office only
      at a meeting of shareholders. However, a trustee elected solely by holders
      of a series of preferred shares may be removed only by the affirmative
      vote of a majority of the preferred shares of that series voting as a single
      class.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Business Combinations</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Under Maryland law, as applicable
      to Maryland real estate investment trusts, certain &#147;business combinations&#148; (including
      certain mergers, consolidations, share exchanges or, in certain circumstances,
      asset transfers or issuances or reclassifications of equity securities)
      between a Maryland real estate investment trust and an &#147;interested
      shareholder&#148; or an affiliate of the interested shareholder are prohibited
      for five years after the most recent date on which the interested shareholder
      becomes an interested shareholder. An interested shareholder includes a
      person who beneficially owns, and an affiliate or associate (as defined
      under Maryland law) of the trust who, at any time during the two-year period
      prior to the date in question, was the beneficial owner of 10% or more
      of the voting power of the trust&#146;s then outstanding voting shares.
      Thereafter, any such business combination must be recommended by the trustees
      of such trust and approved by the affirmative vote of at least:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">80% of the votes entitled
          to be cast by holders of outstanding voting shares of beneficial interest
          of the trust, voting together as a single voting group; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">two-thirds of the votes
          entitled to be cast by holders of outstanding voting shares of beneficial
          interest other than shares held by the interested shareholder with
          whom or with whose affiliate the business combination is to be effected
          or by the interested shareholder&#146;s affiliates or associates, voting
          together as a single voting group.</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">These super-majority voting requirements
      do not apply if the trust&#146;s common shareholders receive a minimum
      price (as defined under Maryland law) for their shares and the consideration
      is received in cash or in the same form as previously paid by the interested
      shareholder for its shares. These provisions also do not apply to business
      combinations that are approved or exempted by the Board of Trustees of
      the trust prior to the time that the interested shareholder becomes an
      interested shareholder. An amendment to a Maryland </font></p>
</div>
<p align="center"><font face="serif" size="2">34</font></p>
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<p> </p>
<p align="left"><font face="serif" size="2">REIT&#146;s declaration of trust
    electing not to be subject to the foregoing requirements must be approved
    by the affirmative vote of at least 80% of the votes entitled to be cast
    by holders of outstanding voting shares of beneficial interest of the trust,
    voting together as a single voting group, and two-thirds of the votes entitled
    to be cast by holders of outstanding voting shares of beneficial interest
    other than shares of beneficial interest held by interested shareholders.
    Any such amendment shall not be effective until 18 months after the vote
    of shareholders and does not apply to any business combination of the trust
    with an interested shareholder that has such status on the date of the shareholder
    vote. Brandywine&#146;s Board of Trustees has previously exempted any business
    combinations involving Prentiss Properties Trust, Safeguard Scientifics,
    Inc., Pennsylvania State Employees&#146; Retirement System, LF Strategic
    Realty Investors L.P., Morgan Stanley Asset Management Inc., Five Arrows
    Realty Securities III L.L.C. and Gerard H. Sweeney and their respective affiliates
    and associates from the business combination provisions summarized above
    and, consequently, the five-year prohibition and the super-majority vote
    requirements will not apply to business combinations between Brandywine and
    any of them.</font></p>
<p align="left"></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The business combination statute
      could have the effect of delaying, deferring or preventing offers to acquire
      Brandywine and of increasing the difficulty of consummating any such transaction.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Control Share Acquisitions</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Under Maryland law, as applicable
      to Maryland real estate investment trusts, &#147;control shares&#148; of
      a Maryland real estate investment trust acquired in a &#147;control share
      acquisition&#148; have no voting rights except to the extent approved by
      a vote of two-thirds of the votes entitled to be cast on the matter by
      shareholders, excluding shares owned by the acquirer, by officers or by
      trustees who are employees of the trust in question. &#147;Control shares&#148; are
      voting shares of beneficial interest which, if aggregated with all other
      shares previously acquired by such acquirer or in respect of which the
      acquirer is able to exercise or direct the exercise of voting power (except
      solely by virtue of a revocable proxy), would entitle the acquirer to exercise
      the voting power in the election of trustees within one of the following
      ranges of voting power:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">one-tenth or more but less
          than one-third;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">one-third or more but less
          than a majority; or</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">a majority or more of all
          voting power.</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Control shares do not include shares
      the acquiring person is then entitled to vote as a result of having previously
      obtained shareholder approval. A &#147;control share acquisition&#148; means
      the acquisition of control shares, subject to certain exceptions.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">A person who has made or proposes
      to make a control share acquisition, upon satisfaction of certain conditions
      (including an undertaking to pay expenses), may compel Brandywine&#146;s
      Board of Trustees to call a special meeting of shareholders to be held
      within 50 days of demand to consider the voting rights of the shares. If
      no request for a meeting is made, the trust may itself present the question
      at any shareholders meeting.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">If voting rights are not approved
      at the meeting or if the acquiring person does not deliver an acquiring
      person statement as required by the statute, then, subject to certain conditions
      and limitations, the trust may redeem any or all of the control shares,
      except those for which voting rights have previously been approved, for
      fair value determined, without regard to the absence of voting rights for
      the control shares, as of the date of the last control share acquisition
      by the acquirer or of any meeting of shareholders at which the voting rights
      of such shares are considered and not approved. If voting rights for control
      shares are approved at a shareholders meeting and the acquirer becomes
      entitled to vote a majority of the shares entitled to vote, all other shareholders
      may exercise appraisal rights. The fair value of the shares as determined
      for purposes of such appraisal rights may not be less than the highest
      price per share paid by the acquirer in the control share acquisition,
      and certain limitations and restrictions otherwise applicable to the exercise
      of dissenters&#146; rights do not apply in the context of a control share
      acquisition.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine&#146;s Bylaws contain
      a provision exempting from the control share acquisition statute any and
      all acquisitions by any person of our shares. There can be no assurance
      that this provision will not be amended or eliminated at any time in the
      future.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">35</font></p>
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<p align="left"><font face="serif" size="2"><b>Amendment to the Declaration of
      Trust</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine&#146;s Declaration of
      Trust may be amended only by the affirmative vote of the holders of not
      less than a majority of the shares then outstanding and entitled to vote
      thereon, except for the provisions of Brandywine&#146;s Declaration of
      Trust relating to (1) increases or decreases in the aggregate number of
      shares of any class, which may generally be made by the Board of Trustees
      without shareholder approval subject to approval rights of holders of the
      Series C Preferred Shares and the Series D Preferred Shares with respect
      to issuances of preferred shares that would rank senior as to distributions
      or in liquidation and (2) the Maryland General Corporation Law provisions
      on business combinations, amendment of which requires the affirmative vote
      of the holders of not less than 80% of the shares then outstanding and
      entitled to vote. In addition, if Brandywine&#146;s Board of Trustees determines,
      with the advice of counsel, that any one or more of the provisions of its
      Declaration of Trust conflict with the Maryland REIT Law, the Code or other
      applicable Federal or state law(s), the conflicting provisions of Brandywine&#146;s
      Declaration of Trust shall be deemed never to have constituted a part of
      its Declaration of Trust, even without any amendment thereof.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Termination of Brandywine Realty
      Trust and REIT Status</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Subject to the rights of any outstanding
      preferred shares and to the provisions of the Maryland REIT Law, Brandywine&#146;s
      Declaration of Trust permits its Board of Trustees to terminate Brandywine&#146;s
      existence and to discontinue its election to be taxed as a REIT.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Transactions between Brandywine
      Realty Trust and its Trustee or Officers</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine&#146;s Declaration of
      Trust provides that any contract or transaction between it and one or more
      of its trustees, officers, employees or agents must be approved by a majority
      of Brandywine&#146;s trustees who have no interest in the contract or transaction.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Limitation of Liability and Indemnification</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The Maryland REIT Law permits a
      Maryland REIT to include in its Declaration of Trust a provision limiting
      the liability of its trustees and officers to the trust and its shareholders
      for money damages except for liability resulting from (1)&nbsp;actual receipt
      of an improper benefit or profit in money, property or services or (2)&nbsp;active
      and deliberate dishonesty established by a final judgment as being material
      to the cause of action. Brandywine&#146;s Declaration of Trust contains
      a provision which eliminates such liability to the maximum extent permitted
      by the Maryland REIT Law.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The Maryland REIT Law permits a
      Maryland REIT to indemnify and advance expenses to its trustees and officers
      to the same extent as permitted for directors and officers of a Maryland
      corporation under the Maryland General Corporation Law. In the case of
      directors and officers of a Maryland corporation, the Maryland General
      Corporation Law permits a Maryland corporation to indemnify present and
      former directors and officers against judgments, penalties, fines, settlements
      and reasonable expenses actually incurred by them in connection with any
      proceeding to which they may be made a party by reason of such service,
      unless it is established that either: (1) the act or omission of the director
      or officer was material to the matter giving rise to the proceeding and
      either (a) was committed in bad faith or (b) was the result of active and
      deliberate dishonesty; (2) the director or officer actually received an
      improper personal benefit in money, property or services; or (3) in the
      case of any criminal proceeding, the director or officer had reasonable
      cause to believe that the act or omission was unlawful.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine&#146;s Bylaws require
      Brandywine to indemnify, without a preliminary determination of the ultimate
      entitlement to indemnification: (1) any present or former trustee, officer
      or shareholder who has been successful, on the merits or otherwise, in
      the defense of a proceeding to which he was made a party by reason of such
      status, against reasonable expenses incurred by him in connection with
      the proceeding; (2) any present or former trustee or officer against any
      claim or liability to which he may become subject by reason of such status
      unless it is established that (a) his act or omission was committed in
      bad faith or was the result of active and deliberate dishonesty, (b) he
      actually received an improper personal benefit in money, property or services
      or (c) in the case of a criminal proceeding, he had reasonable cause to
      believe that his act or omission was unlawful; and (3) each shareholder
      or former shareholder against any claim or liability to which he may be
      subject by reason of such status as a shareholder or former shareholder.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">36</font></p>
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<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">In addition, Brandywine&#146;s
      Bylaws require Brandywine to pay or reimburse, in advance of final disposition
      of a proceeding, reasonable expenses incurred by a present or former trustee,
      officer or shareholder made a party to a proceeding by reason of his status
      as a trustee, officer or shareholder provided that, in the case of a trustee
      or officer, Brandywine shall have received (1) a written affirmation by
      the trustee or officer of his good faith belief that he has met the applicable
      standard of conduct necessary for indemnification by Brandywine as authorized
      by the Bylaws and (2) a written undertaking by him or on his behalf to
      repay the amount paid or reimbursed by Brandywine if it shall ultimately
      be determined that the applicable standard of conduct was not met. The
      Bylaws also (1) permit Brandywine, with the approval of its trustees, to
      provide indemnification and payment or reimbursement of expenses to a present
      or former trustee, officer or shareholder who served Brandywine&#146;s
      predecessor in such capacity, and to any of Brandywine&#146;s employees
      or agents of its predecessor, (2) provide that any indemnification or payment
      or reimbursement of the expenses permitted by its Bylaws shall be furnished
      in accordance with the procedures provided for indemnification and payment
      or reimbursement of expenses under Section 2-418 of the Maryland General
      Corporation Law for directors of Maryland corporations and (3) permit Brandywine
      to provide such other and further indemnification or payment or reimbursement
      of expenses as may be permitted by the Maryland General Corporation Law
      for directors of Maryland corporations.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The limited partnership agreement
      of the Operating Partnership also provides for indemnification by the Operating
      Partnership of Brandywine, as general partner, for any costs, expenses
      or liabilities incurred by it by reason of any act performed by it for
      or on behalf of the Operating Partnership; provided that such person&#146;s
      actions were taken in good faith and in the belief that such conduct was
      in the best interests of the Operating Partnership and that such person
      was not guilty of fraud, willful misconduct or gross negligence.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Insofar as indemnification for
      liabilities arising under the Securities Act may be permitted to our trustees
      and officers pursuant to the foregoing provisions or otherwise, we have
      been advised that, although the validity and scope of the governing statute
      has not been tested in court, in the opinion of the Securities and Exchange
      Commission, such indemnification is against public policy as expressed
      in the Securities Act and is, therefore, unenforceable. In addition, state
      securities laws may limit indemnification.</font></p>
</div>
<p align="center"><font face="serif" size="2">37</font></p>
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<p align="center"><font face="serif" size="2"><b><a name="p38a"></a>SELLING SECURITYHOLDERS</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Information about selling securityholders,
      where applicable, will be set forth in a prospectus supplement, in a post-effective
      amendment, or in filings we make with the SEC under the Exchange Act which
      are incorporated by reference.</font></p>
</div>
<p align="center"><font face="serif" size="2">38</font></p>
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<p align="center"><font face="serif" size="2"></font><font face="serif" size="2"><b><a name="p39"></a>MATERIAL
      FEDERAL INCOME TAX CONSEQUENCES</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The following discussion describes
      the material U.S. federal income tax consequences relating to the taxation
      of Brandywine Realty Trust as a REIT and the ownership and disposition
      of Brandywine&#146;s common shares, preferred shares and debt securities.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Because this is a summary that
      is intended to address only material federal income tax consequences relating
      to the ownership and disposition of Brandywine&#146;s common shares, preferred
      shares or debt securities that will apply to all holders, this summary
      may not contain all the information that may be important to you. As you
      review this discussion, you should keep in mind that:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the tax consequences to
          you may vary depending on your particular tax situation;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">special rules that are
          not discussed below may apply to you if, for example, you are a tax-exempt
          organization, a broker-dealer, a non-U.S. person, a trust, an estate,
          a regulated investment company, a financial institution, an insurance
          company, or otherwise subject to special tax treatment under the Code;</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">this summary does not address
          state, local or non-U.S. tax considerations (See &#147;&#151;Other
          Tax Consequences&#148;);</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">this summary deals only
          with our shareholders and debtholders that hold common shares, preferred
          shares or debt securities as &#147;capital assets&#148; within the
          meaning of Section 1221 of the Code; and</font></div>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">this discussion is not
          intended to be, and should not be construed as, tax advice.</font></div>
    </td>
  </tr>
</table>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">You are urged both to review the
      following discussion and to consult with your own tax advisor to determine
      the effect of ownership and disposition of our common shares, preferred
      shares or debt securities on your individual tax situation, including any
      state, local or non-U.S. tax consequences.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">As used herein, a &#147;U.S. Shareholder&#148; means
      a beneficial owner of our common shares or preferred shares, and a &#147;U.S.
      Holder&#148; means a beneficial owner of our debt securities, in each case
      where such beneficial owner is for U.S. federal income tax purposes (1)
      a citizen or resident of the U.S., (2) a corporation or partnership created
      or organized in or under the laws of the U.S. or any political subdivision
      thereof, (3) an estate the income of which is subject to U.S. federal income
      taxation regardless of its source or (4) a trust if it (a) is subject to
      the primary supervision of a court within the U.S. and one or more U.S.
      persons have the authority to control all substantial decisions of the
      trust or (b) has a valid election in effect under applicable U.S. Treasury
      regulations to be treated as a U.S. person.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">As used herein, a &#147;Non-U.S.
      Shareholder&#148; means a beneficial owner of our common shares or preferred
      shares that is not a &#147;U.S. Shareholder,&#148; and a &#147;Non-U.S.
      Holder&#148; means a beneficial owner of our debt securities that is not
      a &#147;U.S. Holder,&#148; in each case where such beneficial owner is
      not a partnership (or other entity treated as a partnership for U.S. federal
      income tax purposes).</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">If a partnership holds common shares,
      preferred shares, or debt securities, the tax treatment of a partner will
      generally depend upon the status of the partner and the activities of the
      partnership. If you are a partner of a partnership holding common shares,
      preferred shares, or debt securities, you should consult your tax advisors.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The information in this summary
      is based on the Code, current, temporary and proposed Treasury regulations,
      the legislative history of the Code, current administrative interpretations
      and practices of the IRS, including its practices and policies as endorsed
      in private letter rulings, which are not binding on the IRS, and existing
      court decisions. Future legislation, regulations, administrative interpretations
      and court decisions could change current law or adversely affect existing
      interpretations of current law. Any change could apply retroactively. We
      have not obtained any rulings from the IRS concerning the tax treatment
      of the matters discussed in this summary. Therefore, it is possible that
      the IRS could challenge the statements in this summary, which do not bind
      the IRS or the courts, and that a court could agree with the IRS.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">On October 22, 2004, President
      Bush signed into law the American Jobs Creation Act of 2004 (the &#147;Act&#148;).
      The Act makes a number of changes to the REIT rules in the Code, generally
      taking effect in our</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">39</font></p>
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<div style="text-indent:0%">
  <p align="left"><font face="serif" size="2"> taxable year beginning January
      1, 2005. The following summary includes a discussion of the material changes
      made by the Act.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Taxation of Brandywine as a REIT</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine first elected to be
      taxed as a REIT for the taxable year ended December 31, 1986, and has operated
      and expects to continue to operate in such a manner so as to remain qualified
      as a REIT for Federal income tax purposes. An entity that qualifies for
      taxation as a REIT and distributes to its shareholders an amount at least
      equal to 90% of its REIT taxable income (determined without regard to the
      deduction for dividends paid and by excluding any net capital gain) plus
      90% of its income from foreclosure property (less the tax imposed on such
      income) minus any excess noncash income (as determined under the Code)
      is generally not subject to Federal corporate income taxes on net income
      that it currently distributes to shareholders. This treatment substantially
      eliminates the &#147;double taxation&#148; (at the corporate and shareholder
      levels) that generally results from investment in a corporation. However,
      we will be subject to Federal income tax as follows:</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
      will be taxed at regular corporate rates on any undistributed REIT taxable
      income, including undistributed net capital gains.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
      certain circumstances, we may be subject to the &#147;alternative minimum
      tax&#148; on our items of tax preference, if any.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
      we have net income from prohibited transactions (which are, in general,
      certain sales or other dispositions of property, other than foreclosure
      property, held primarily for sale to customers in the ordinary course of
      business) such income will be subject to a 100% tax. See &#147;&#151;Sale
      of Partnership Property.&#148;</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
      we should fail to satisfy the 75% gross income test or the 95% gross income
      test (as discussed below), and nonetheless have maintained our qualification
      as a REIT because certain other requirements have been met, we will be
      subject to a 100% tax on the net income attributable to the greater of
      the amount by which we fail the 75% or 95% test, multiplied by a fraction
      intended to reflect our profitability.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
      we should fail to distribute during each calendar year at least the sum
      of (1) 85% of our REIT ordinary income for such year, (2) 95% of our REIT
      capital gain net income for such year, and (3) any undistributed taxable
      income from prior years, we would be subject to a 4% excise tax on the
      excess of such required distribution over the amounts actually distributed.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
      we have (1) net income from the sale or other disposition of &#147;foreclosure
      property&#148; (which is, in general, property acquired by us by foreclosure
      or otherwise or default on a loan secured by the property) which is held
      primarily for sale to customers in the ordinary course of business or (2)
      other nonqualifying income from foreclosure property, we will be subject
      to tax on such income at the highest corporate rate.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
      we were to acquire any asset from a taxable &#147;C&#148; corporation in
      a carry-over basis transaction, we could be liable for specified tax liability
      inherited from that &#147;C&#148; corporation with respect to that corporation&#146;s &#147;built-in
      gain&#148; in its assets. Built-in gain is the amount by which an asset&#146;s
      fair market value exceeds its adjusted tax basis. We would not be subject
      to tax on the built in gain, however, if we do not dispose of the acquired
      property within the 10-year period following acquisition of such property.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Qualification of Brandywine as
      a REIT</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The Code defines a REIT as a corporation,
      trust or association:</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
      is managed by one or more trustees or directors;</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
      beneficial ownership of which is evidenced by transferable shares or by
      transferable certificates of beneficial interest;</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
      would be taxable as a domestic corporation but for Sections 856 through
      859 of the Code;</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
      is neither a financial institution nor an insurance company subject to
      certain provisions of the Code;</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
      beneficial ownership of which is held by 100 or more persons;</font></p>
</div>
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<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;during
      the last half of each taxable year not more than 50% in value of the outstanding
      shares of which is owned, directly or indirectly, by five or fewer individuals
      (as defined in the Code to include specified entities);</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
      makes an election to be taxable as a REIT, or has made this election for
      a previous taxable year which has not been revoked or terminated, and satisfies
      all relevant filing and other administrative requirements established by
      the IRS that must be met to elect and maintain REIT status;</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
      uses a calendar year for federal income tax purposes and complies with
      the record keeping requirements of the Code and the Treasury Regulations;
      and</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
      meets other applicable tests, described below, regarding the nature of
      its income and assets and the amount of its distributions.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Conditions (1) through (4) must
      be satisfied during the entire taxable year, and condition (5) must be
      satisfied during at least 335 days of a taxable year of 12 months, or during
      a proportionate part of a taxable year of less than 12 months. We have
      previously issued common shares in sufficient proportions to allow us to
      satisfy requirements (5) and (6) (the &#147;100 Shareholder&#148; and &#147;five-or-fewer&#148; requirements).
      In addition, our Declaration of Trust provides restrictions regarding the
      transfer of our shares that are intended to assist us in continuing to
      satisfy the requirements described in conditions (5) and (6) above. See &#147;&#151;Description
      of Shares of Beneficial Interest &#150; Restrictions on Transfer.&#148; However,
      these restrictions may not ensure that we will, in all cases, be able to
      satisfy the requirements described in conditions (5) and (6) above. In
      addition, we have not obtained a ruling from the IRS as to whether the
      provisions of our Declaration of Trust concerning restrictions on transfer
      and conversion of common shares to &#147;Excess Shares&#148; will allow
      us to satisfy conditions (5) and (6). If we fail to satisfy such share
      ownership requirements, our status as a REIT will terminate. However, for
      our taxable years beginning on or after January 1, 2005, the Act provides
      that if the failure to meet the share ownership requirements is due to
      reasonable cause and not due to willful neglect, we may avoid termination
      of our REIT status by paying a penalty of $50,000.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">To monitor compliance with condition
      (6) above, a REIT is required to send annual letters to its shareholders
      requesting information regarding the actual ownership of its shares. If
      we comply with the annual letters requirement and do not know or, exercising
      reasonable diligence, would not have known of our failure to meet condition
      (6) above, then we will be treated as having met condition (6) above.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Qualified REIT Subsidiaries</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">We currently have several wholly-owned
      subsidiaries which are &#147;qualified REIT subsidiaries&#148; and we may
      have additional wholly-owned qualified REIT subsidiaries in the future.
      The Code provides that a corporation that is a qualified REIT subsidiary
      shall not be treated as a separate corporation, and all assets, liabilities
      and items of income, deduction and credit of a qualified REIT subsidiary
      shall be treated as assets, liabilities and items of income, deduction
      and credit of the REIT. A qualified REIT subsidiary is a corporation, other
      than a &#147;taxable REIT subsidiary&#148; (discussed below), all of the
      capital stock of which is owned by the REIT and that has not elected to
      be a taxable REIT subsidiary. In applying the requirements described herein,
      all of our qualified REIT subsidiaries will be ignored, and all assets,
      liabilities and items of income, deduction and credit of such subsidiaries
      will be treated as our assets, liabilities and items of income, deduction
      and credit. These subsidiaries, therefore, will not be subject to federal
      corporate income taxation, although they may be subject to state and local
      taxation.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Taxable REIT Subsidiaries</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">We currently have several taxable
      REIT subsidiaries, and may have additional taxable REIT subsidiaries in
      the future. A REIT may hold any direct or indirect interest in a corporation
      that qualifies as a taxable REIT subsidiary as long as the value of the
      REIT&#146;s holdings of taxable REIT subsidiary securities do not exceed
      20% of the value of the REIT&#146;s total assets. To qualify as a taxable
      REIT subsidiary, the subsidiary and the REIT must make a joint election
      to treat the subsidiary as a taxable REIT subsidiary. A taxable REIT subsidiary
      also includes any corporation (other than a REIT or a qualified REIT subsidiary)
      in which a taxable REIT subsidiary directly or indirectly owns more than
      35% of the total voting power or value. See</font></p>
</div>
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<p align="left"><font face="serif" size="2">&#147;&#151;Asset Tests&#148; below.
    A taxable REIT subsidiary will pay tax at regular corporate income rates
    on any taxable income it earns.</font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">A taxable REIT subsidiary can perform
      tenant services without causing the REIT to receive impermissible tenant
      services income under the REIT income tests. However, several provisions
      regarding the arrangements between a REIT and its taxable REIT subsidiaries
      ensure that a taxable REIT subsidiary will be subject to an appropriate
      level of federal income taxation. For example, a taxable REIT subsidiary
      is limited in its ability to deduct interest payments made to a REIT. In
      addition, a REIT will be obligated to pay a 100% penalty tax on some payments
      that it receives or on certain expenses deducted by the taxable REIT subsidiary
      if the economic arrangements between the REIT, the REIT&#146;s tenants
      and the taxable REIT subsidiary are not comparable to similar arrangements
      among unrelated parties.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Ownership of Partnership Interests
      by a REIT</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">A REIT that is a partner in a partnership
      is deemed to own its proportionate share of the assets of the partnership
      and is deemed to receive the income of the partnership attributable to
      such share. In addition, the character of the assets and gross income of
      the partnership retains the same character in the hands of the REIT. Accordingly,
      our proportionate share of the assets, liabilities and items of income
      of the Operating Partnership are treated as assets, liabilities and items
      of income of ours for purposes of applying the requirements described herein.
      Brandywine has control over the Operating Partnership and most of the partnership
      and limited liability company subsidiaries of the Operating Partnership
      and intends to operate them in a manner that is consistent with the requirements
      for qualification of Brandywine as a REIT.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Income Tests</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">In order to qualify as a REIT,
      Brandywine must generally satisfy two gross income requirements on an annual
      basis. First, at least 75% of our gross income (excluding gross income
      from prohibited transactions) for each taxable year must be derived directly
      or indirectly from investments relating to real property or mortgages on
      real property (including &#147;rents from real property&#148; and, in certain
      circumstances, interest) or from certain types of temporary investments.
      Second, at least 95% of our gross income (excluding gross income from prohibited
      transactions) for each taxable year must be derived from the same items
      which qualify under the 75% gross income test, and from dividends, interest
      and gain from the sale or disposition of securities.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Rents received by a REIT will qualify
      as &#147;rents from real property&#148; in satisfying the gross income
      requirements described above only if several conditions are met. First,
      the amount of rent must not be based in whole or in part on the income
      or profits of any person. However, an amount received or accrued generally
      will not be excluded from the term &#147;rents from real property&#148; solely
      by reason of being based on a fixed percentage or percentages of gross
      receipts or sales. Second, subject to certain limited exceptions, rents
      received from a tenant will not qualify as &#147;rents from real property&#148; in
      satisfying the gross income tests if the REIT, or a direct or indirect
      owner of 10% or more of the REIT, directly or constructively, owns 10%
      or more of such tenant (a &#147;Related Party Tenant&#148;). Third, if
      rent attributable to personal property, leased in connection with a lease
      of real property, is greater than 15% of the total rent received under
      the lease, then the portion of rent attributable to such personal property
      will not qualify as &#147;rents from real property.&#148; Finally, in order
      for rents received with respect to a property to qualify as &#147;rents
      from real property,&#148; the REIT generally must not operate or manage
      the property or furnish or render services to tenants, except through an &#147;independent
      contractor&#148; who is adequately compensated and from whom the REIT derives
      no income, or through a taxable REIT subsidiary. The &#147;independent
      contractor&#148; requirement, however, does not apply to the extent the
      services provided by the REIT are &#147;usually or customarily rendered&#148; in
      connection with the rental of space for occupancy only, and are not otherwise
      considered &#147;rendered to the occupant.&#148; In addition, a de minimis
      rule applies with respect to non-customary services. Specifically, if the
      value of the non-customary service income with respect to a property (valued
      at no less than 150% of the direct costs of performing such services) is
      1% or less of the total income derived from the property, then all rental
      income except the non-customary service income will qualify as &#147;rents
      from real property.&#148; A taxable REIT subsidiary may provide services
      (including noncustomary services) to a REIT&#146;s tenants without &#147;tainting&#148; any
      of the rental income received by the REIT, and will be able to manage or
      operate properties for third parties and generally engage in other activities
      unrelated to real estate.</font></p>
</div>
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<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">We do not anticipate receiving
      rent that is based in whole or in part on the income or profits of any
      person (except by reason of being based on a fixed percentage or percentages
      of gross receipts or sales consistent with the rules described above).
      We also do not anticipate receiving more than a de minimis amount of rents
      from any related party tenant or rents attributable to personal property
      leased in connection with real property that will exceed 15% of the total
      rents received with respect to such real property.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">We provide services to our properties
      that we own through the Operating Partnership, and we believe that all
      of such services will be considered &#147;usually or customarily rendered&#148; in
      connection with the rental of space for occupancy only so that the provision
      of such services will not jeopardize the qualification of rent from the
      properties as &#147;rents from real property.&#148; In the case of any
      services that are not &#147;usual and customary&#148; under the foregoing
      rules, we will employ an &#147;independent contractor&#148; or a taxable
      REIT subsidiary to provide such services.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The Operating Partnership may receive
      certain types of income that will not qualify under the 75% or 95% gross
      income tests. In particular, dividends received from a taxable REIT subsidiary
      will not qualify under the 75% test. We believe, however, that the aggregate
      amount of such items and other non-qualifying income in any taxable year
      will not cause Brandywine to exceed the limits on non-qualifying income
      under either the 75% or 95% gross income tests.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">If Brandywine fails to satisfy
      one or both of the 75% or 95% gross income tests for any taxable year,
      Brandywine may nevertheless qualify as a REIT for such year if it is entitled
      to relief under certain provisions of the Code. These relief provisions
      will be generally available if (1) the failure to meet such tests was due
      to reasonable cause and not due to willful neglect, (2) we have attached
      a schedule of the sources of our income to our return, and (3) any incorrect
      information on the schedule was not due to fraud with intent to evade tax.
      In addition, for taxable years beginning on or after January 1, 2005, the
      Act provides that we must also file a disclosure schedule with the IRS
      after we determine that we have not satisfied one of the gross income tests.
      It is not possible, however, to state whether in all circumstances Brandywine
      would be entitled to the benefit of these relief provisions. As discussed
      above in &#147;Taxation of Brandywine as a REIT,&#148; even if these relief
      provisions apply, a tax would be imposed based on the excess net income.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Any gain realized by us on the
      sale of any property held as inventory or other property held primarily
      for sale to customers in the ordinary course of business, including Brandywine&#146;s
      share of this type of gain realized by the Operating Partnership, will
      be treated as income from a prohibited transaction that is subject to a
      100% penalty tax. Under existing law, whether property is held as inventory
      or primarily for sale to customers in the ordinary course of a trade or
      business is a question of fact that depends on all the facts and circumstances
      of a particular transaction. We intend to hold properties for investment
      with a view to long-term appreciation, to engage in the business of acquiring,
      developing, owning and operating properties, and to make occasional sales
      of properties as are consistent with our investment objectives. We cannot
      provide any assurance, however, that the IRS might not contend that one
      or more of these sales are subject to the 100% penalty tax.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Asset Tests</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">At the close of each quarter of
      each taxable year, Brandywine must satisfy the following tests relating
      to the nature of our assets:</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">First, at least 75% of the value
      of our total assets must be represented by cash or cash items (which generally
      include receivables), government securities, &#147;real estate assets&#148; (which
      generally include interests in real property, interests in mortgages on
      real property and shares of other REITs), or, in cases where we receive
      proceeds from shares of beneficial interest or publicly offered long-term
      (at least five-year) debt, temporary investments in stock or debt instruments
      during the one-year period following our receipt of such proceeds.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Second, of the investments not
      included in the 75% asset class, the value of any one issuer&#146;s securities
      we own may not exceed 5% of the value of our total assets (&#147;5% test&#148;);
      and we may not own more than 10% of the vote or value of any one issuer&#146;s
      outstanding securities (&#147;10% test&#148;), except for our interests
      in the Operating Partnership, noncorporate subsidiaries, taxable REIT subsidiaries
      and any qualified REIT subsidiaries, and except (with respect to the 10%
      value test) certain &#147;straight debt&#148; securities.</font></p>
</div>
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<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Effective for taxable years beginning
      after December 31, 2000, the Act expands the safe harbor under which certain
      types of securities are disregarded for purposes of the 10% value limitation
      to include (i) straight debt securities (including straight debt securities
      that provides for certain contingent payments); (ii) any loan to an individual
      or an estate; (iii) any rental agreement described in Section 467 of the
      Code, other than with a &#147;related person&#148;; (iv) any obligation
      to pay rents from real property; (v) certain securities issued by a State
      or any political subdivision thereof, or the Commonwealth of Puerto Rico;
      (vi) any security issued by a REIT; and (vii) any other arrangement that,
      as determined by the Secretary of the Treasury, is excepted from the definition
      of a security. In addition, for purposes of applying the 10% value limitation,
      (a) a REIT&#146;s interest as a partner in a partnership is not considered
      a security; (b) any debt instrument issued by a partnership is not treated
      as a security if at least 75% of the partnership&#146;s gross income is
      from sources that would qualify for the 75% REIT gross income test, and
      (c) any debt instrument issued by a partnership is not treated as a security
      to the extent of the REIT&#146;s interest as a partner in the partnership.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Third, not more than 20% of the
      value of our assets may be represented by securities of one or more taxable
      REIT subsidiaries.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">For purposes of the 75% asset test,
      the term &#147;interest in real property&#148; includes an interest in
      land and improvements thereon, such as buildings or other inherently permanent
      structures, including items that are structural components of such buildings
      or structures, a leasehold of real property, and an option to acquire real
      property, or a leasehold of real property.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">For purposes of the asset tests,
      we are deemed to own our proportionate share of the assets of the Operating
      Partnership, any qualified REIT subsidiary, and each noncorporate subsidiary,
      rather than our interests in those entities. At least 75% of the value
      of our total assets have been and will be represented by real estate assets,
      cash and cash items, including receivables and government securities. In
      addition, except for our interests in the Operating Partnership, the noncorporate
      subsidiaries, another REIT, any taxable REIT subsidiary and any qualified
      REIT subsidiary, we have not owned, and will not own (1) securities of
      any one issuer the value of which exceeds 5% of the value of our total
      assets, or (2) more than 10% of the vote or value of any one issuer&#146;s
      outstanding securities. We have not owned, and will not own, securities
      of taxable REIT subsidiaries with an aggregate value in excess of 20% of
      the value of our assets.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">As noted above, one of the requirements
      for qualification as a REIT is that a REIT not own more than 10% of the
      vote or value of any corporation other than the stock of a qualified REIT
      subsidiary (of which the REIT is required to own all of such stock), a
      taxable REIT subsidiary and stock in another REIT. The Operating Partnership
      owns all or substantially all of the voting securities of several entities
      that have elected to be taxed as corporations and are taxable REIT subsidiaries.
      We and each taxable REIT subsidiary have jointly made a taxable REIT subsidiary
      election and, therefore, ownership of such subsidiaries will not violate
      the 10% test.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">We own 100% of the common shares
      of nine entities that have elected or will elect to be treated as a real
      estate investment trusts (&#147;Captive REITs&#148;). Provided that each
      of the Captive REITs continues to qualify as a REIT (including satisfaction
      of the ownership, income, asset and distribution tests discussed herein)
      the common shares of the Captive REITs will qualify as real estate assets
      under the 75% test. However, if any Captive REIT fails to qualify as a
      REIT in any year, then the common shares of such Captive REIT will not
      qualify as real estate assets under the 75% test. In addition, because
      we own more than 10% of the common shares of each Captive REIT, Brandywine
      would not satisfy the 10% test if any Captive REIT were to fail to qualify
      as a REIT. Accordingly, Brandywine&#146;s qualification as a REIT depends
      upon the ability of each Captive REIT to continue to qualify as a REIT.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">After initially meeting the asset
      tests at the close of any quarter, Brandywine will not lose its status
      as a REIT for failure to satisfy the asset tests at the end of a later
      quarter solely by reason of changes in asset values. If the failure to
      satisfy the asset tests results from an acquisition of securities or other
      property during a quarter, the failure can be cured by disposition of sufficient
      nonqualifying assets within 30 days after the close of that quarter. We
      intend to maintain adequate records of the value of our assets to ensure
      compliance with the asset tests, and to take such other action within 30
      days after the close of any quarter as may be required to cure any noncompliance.
      However, there can be no assurance that such other action will always</font></p>
</div>
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<p align="left">
be successful. If we fail to cure any noncompliance with the asset tests within
such time period, our status as a REIT would be lost.
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">For taxable years beginning on
      or after January 1, 2005, the Act provides relief from certain failures
      to satisfy the REIT asset tests. If the failure relates to the 5% test
      or 10% test, and if the failure is de minimis (does not exceed the lesser
      of $10 million or 1% of our assets as of the end of the quarter), we may
      avoid the loss of our REIT status by disposing of sufficient assets to
      cure the failure within 6 months after the end of the quarter in which
      the failure was identified. For failures to meet the asset tests that are
      more than a de minimis amount, we may avoid the loss of our REIT status
      if: the failure was due to reasonable cause, we file a disclosure schedule
      at the end of the quarter in which the failure was identified, we dispose
      of sufficient assets to cure the failure within 6 months after the end
      of the quarter, and we pay a tax equal to the greater of $50,000 or the
      highest corporate tax rate multiplied by the net income generated by the
      non-qualifying assets.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Annual Distribution Requirements</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">In order to qualify as a REIT,
      Brandywine is required to distribute dividends (other than capital gain
      dividends) to our shareholders in an amount at least equal to (1) the sum
      of (a) 90% of its &#147;REIT taxable income&#148; (computed without regard
      to the dividends paid deduction and the REIT&#146;s net capital gain) and
      (b) 90% of the net income (after tax), if any, from foreclosure property,
      minus (2) certain &#147;excess&#148; non-cash income. In addition, if we
      dispose of a built-in gain asset during the 10 year period following its
      acquisition, we will be required to distribute at least 90% of the built-in
      gain (after tax), if any, recognized on the disposition of such asset.
      Such distributions must be paid in the taxable year to which they relate,
      or in the following taxable year if declared before Brandywine timely files
      its tax return for such year and if paid on or before the first regular
      dividend payment after such declaration. To the extent that we do not distribute
      all of our net capital gain or we distribute at least 95%, but less than
      100%, of our &#147;REIT taxable income,&#148; as adjusted, we will be subject
      to tax on the undistributed amount at regular corporate tax rates. Furthermore,
      if we should fail to distribute during each calendar year at least the
      sum of (1) 85% of our REIT ordinary income for such year, (2) 95% of our
      REIT net capital gain income for such year and (3) any undistributed taxable
      income from prior periods, we would be subject to a 4% excise tax on the
      excess of such required distribution over the amounts actually distributed.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine intends to make timely
      distributions sufficient to satisfy the annual distribution requirements.
      In this regard, the limited partnership agreement of the Operating Partnership
      authorizes Brandywine, as general partner, to operate the partnership in
      a manner that will enable it to satisfy the REIT requirements and avoid
      the imposition of any federal income or excise tax liability. It is possible
      that we, from time to time, may not have sufficient cash or other liquid
      assets to meet the 90% distribution requirement due primarily to the expenditure
      of cash for nondeductible items such as principal amortization or capital
      expenditures. In order to meet the 90% distribution requirement, we may
      borrow or may cause the Operating Partnership to arrange for short-term
      or other borrowing to permit the payment of required distributions or declare
      a consent dividend, which is a hypothetical distribution to shareholders
      out of our earnings and profits. The effect of such a consent dividend
      (which, in conjunction with distributions actually paid, must not be preferential
      to those shareholders who agree to such treatment) would be that such shareholders
      would be treated for federal income tax purposes as if they had received
      such amount in cash, and they then had immediately contributed such amount
      back to Brandywine as additional paid-in capital. This would result in
      taxable income to those shareholders without the receipt of any actual
      cash distribution but would also increase their tax basis in their shares
      by the amount of the taxable income recognized.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Under certain circumstances, Brandywine
      may be able to rectify a failure to meet the distribution requirement for
      a given year by paying &#147;deficiency dividends&#148; to shareholders
      in a later year that may be included in Brandywine&#146;s deduction for
      distributions paid for the earlier year. Thus, Brandywine may be able to
      avoid being taxed on amounts distributed as deficiency dividends; however,
      Brandywine will be required to pay to the IRS interest based upon the amount
      of any deduction taken for deficiency dividends.</font></p>
</div>
<p></p>
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<p> </p>
<p align="left"><font face="serif" size="2"><b>Failure to Qualify</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">For taxable years beginning on
      or after January 1, 2005, the Act provides relief for many failures to
      satisfy the REIT requirements. In addition to the relief provisions for
      failures to satisfy the income and asset tests (discussed above), the Act
      provides additional relief for other failures to satisfy REIT requirements.
      If the failure is due to reasonable cause and not due to willful neglect,
      and we elect to pay a penalty of $50,000 for each failure, we can avoid
      the loss of our REIT status.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">If Brandywine fails to qualify
      for taxation as a REIT in any taxable year and the relief provisions do
      not apply, it will be subject to tax (including any applicable corporate
      alternative minimum tax) on its taxable income at regular corporate rates.
      Distributions to shareholders in any year in which Brandywine fails to
      qualify will not be deductible to us. In such event, to the extent of Brandywine&#146;s
      current and accumulated earnings and profits, all distributions to shareholders
      will be taxable to them as dividends, and, subject to certain limitations
      of the Code, corporate distributees may be eligible for the dividends received
      deduction. Under current law, such dividends should be taxable to individual
      shareholders at the 15% rate for qualified dividends provided that applicable
      holding period requirements are met. Unless entitled to relief under specific
      statutory provisions, Brandywine also will be disqualified from taxation
      as a REIT for the four taxable years following the year during which qualification
      was lost. It is not possible to state whether in all circumstances Brandywine
      would be entitled to such statutory relief.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Income Taxation of the Operating
      Partnership, Subsidiary Partnerships and Their Partners</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The following discussion summarizes
      certain Federal income tax considerations applicable to Brandywine&#146;s
      investment in the Operating Partnership and the Operating Partnership&#146;s
      subsidiary partnerships and limited liability companies (referred to as
      the &#147;Subsidiary Partnerships&#148;).</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Classification of the Operating
      Partnership and Subsidiary Partnerships as Partnerships</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Brandywine owns all of its Properties
      or the economic interests therein through the Operating Partnership. Brandywine
      will be entitled to include in its income its distributive share of the
      income and to deduct its distributive share of the losses of the Operating
      Partnership (including the Operating Partnership&#146;s share of the income
      or losses of the Subsidiary Partnerships) only if the Operating Partnership
      and the Subsidiary Partnerships (collectively, the &#147;Partnerships&#148;)
      are classified for Federal income tax purposes as partnerships rather than
      as associations taxable as corporations. For taxable periods prior to January
      1, 1997, an organization formed as a partnership was treated as a partnership
      for Federal income tax purposes rather than as a corporation only if it
      had no more than two of the four corporate characteristics that the Treasury
      Regulations used to distinguish a partnership from a corporation for tax
      purposes. These four characteristics were continuity of life, centralization
      of management, limited liability and free transferability of interests.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Neither the Operating Partnership
      nor any of the Subsidiary Partnerships requested a ruling from the IRS
      that it would be treated as a partnership for Federal income tax purposes.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Effective January 1, 1997, Treasury
      Regulations eliminated the four-factor test described above and, instead,
      permit partnerships and other non-corporate entities to be taxed as partnerships
      for federal income tax purposes without regard to the number of corporate
      characteristics possessed by such entity. Under those Treasury Regulations,
      both the Operating Partnership and each of the Subsidiary Partnerships
      will be classified as partnerships for federal income tax purposes except
      for any entity for which an affirmative election is made by the entity
      to be taxed as a corporation. Under a special transitional rule in the
      Treasury Regulations, the IRS will not challenge the classification of
      an existing entity such as the Operating Partnership or a Subsidiary Partnership
      for periods prior to January 1, 1997 if: (1) the entity has a &#147;reasonable
      basis&#148; for its classification; (2) the entity and each of its members
      recognized the federal income tax consequences of any change in classification
      of the entity made within the 60 months prior to January 1, 1997; and (3)
      neither the entity nor any of its members had been notified in writing
      on or before May 8, 1996 that its classification was under examination
      by the IRS. Neither the Operating Partnership nor any of the Subsidiary
      Partnerships changed its classification within the 60 month period preceding
      May 8, 1996, nor was any one of them notified that its classification as
      a partnership for federal income tax purposes was under examination by
      the IRS.</font></p>
</div>
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<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">If for any reason the Operating
      Partnership or a Subsidiary Partnership were classified as an association
      taxable as a corporation rather than as a partnership for Federal income
      tax purposes, Brandywine would not be able to satisfy the income and asset
      requirements for REIT status. See &#147;&#151;Income Tests&#148; and &#147;&#151;Asset
      Tests.&#148; In addition, any change in any such Partnership&#146;s status
      for tax purposes might be treated as a taxable event, in which case we
      might incur a tax liability without any related cash distribution. See &#147;&#151;Annual
      Distribution Requirements.&#148; Further, items of income and deduction
      of any such Partnership would not pass through to its partner (e.g., Brandywine),
      and its partners would be treated as shareholders for tax purposes. Any
      such Partnership would be required to pay income tax at corporate tax rates
      on its net income and distributions to its partners would constitute dividends
      that would not be deductible in computing such Partnership&#146;s taxable
      income.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Partnership Allocations</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Although a partnership agreement
      will generally determine the allocation of income and losses among partners,
      such allocations will be disregarded for tax purposes if they do not comply
      with the provisions of Section 704(b) of the Code and the Treasury Regulations
      promulgated thereunder, which require that partnership allocations respect
      the economic arrangement of the partners.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">If an allocation is not recognized
      for Federal income tax purposes, the item subject to the allocation will
      be reallocated in accordance with the partners&#146; interests in the partnership,
      which will be determined by taking into account all of the facts and circumstances
      relating to the economic arrangement of the partners with respect to such
      item. The Operating Partnership&#146;s allocations of taxable income and
      loss are intended to comply with the requirements of Section 704(b) of
      the Code and the Treasury Regulations promulgated thereunder.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Tax Allocations With Respect to
      Contributed Properties</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">We believe that the fair market
      values of the properties contributed directly or indirectly to the Operating
      Partnership in various transactions were different than the tax basis of
      such Properties. Pursuant to Section 704(c) of the Code, items of income,
      gain, loss and deduction attributable to appreciated or depreciated property
      that is contributed to a partnership in exchange for an interest in the
      partnership must be allocated for Federal income tax purposes in a manner
      such that the contributor is charged with or benefits from the unrealized
      gain or unrealized loss associated with the property at the time of the
      contribution. The amount of such unrealized gain or unrealized loss is
      generally equal to the difference between the fair market value of the
      contributed property at the time of contribution and the adjusted tax basis
      of such property at the time of contribution (the &#147;Pre-Contribution
      Gain or Loss&#148;). The partnership agreement of the Operating Partnership
      requires allocations of income, gain, loss and deduction attributable to
      such contributed property to be made in a manner that is consistent with
      Section 704(c) of the Code. Thus, if the Operating Partnership sells contributed
      property at a gain or loss, such gain or loss will be allocated to the
      contributing partners, and away from us, generally to the extent of the
      Pre-Contribution Gain or Loss.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The Treasury Department has issued
      final regulations under Section 704(c) of the Code which give partnerships
      flexibility in ensuring that a partner contributing property to a partnership
      receives the tax benefits and burdens of any Pre-Contribution Gain or Loss
      attributable to the contributed property. These regulations permit partnerships
      to use any &#147;reasonable method&#148; of accounting for Pre-Contribution
      Gain or Loss. These regulations specifically describe three reasonable
      methods, including (1) the &#147;traditional method&#148; under current
      law, (2) the traditional method with the use of &#147;curative allocations&#148; which
      would permit distortions caused by Pre-Contribution Gain or Loss to be
      rectified on an annual basis and (3) the &#147;remedial allocation method&#148; which
      is similar to the traditional method with &#147;curative allocations.&#148; The
      partnership agreement of the Operating Partnership permits us, as general
      partner, to select one of these methods to account for Pre-Contribution
      Gain or Loss.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Depreciation</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The Operating Partnership&#146;s
      assets include a substantial amount of appreciated property contributed
      by its partners. Assets contributed to a partnership in a tax-free transaction
      generally retain the same depreciation method and recovery period as they
      had in the hands of the partner who contributed them to the partnership.
      Accordingly, a substantial amount of the Operating Partnership&#146;s depreciation
      deductions for its real property</font></p>
</div>
<p align="left"></p>
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    <p align="left"><font face="serif" size="2">are based on the historic tax
        depreciation schedules for the properties prior to their contribution
        to the Operating Partnership. The properties are being depreciated over
        a range of 15 to 40 years using various methods of depreciation which
        were determined at the time that each item of depreciable property was
        placed in service. Any depreciable real property purchased by the Partnerships
        is currently depreciated over 40 years. In certain instances where a
        partnership interest rather than real property is contributed to the
        Partnership, the real property may not carry over its recovery period
        but rather may, similarly, be subject to the lengthier recovery period.</font>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Section 704(c) of the Code requires
      that depreciation as well as gain and loss be allocated in a manner so
      as to take into account the variation between the fair market value and
      tax basis of the property contributed. Thus, because much of the property
      contributed to the Operating Partnerships is appreciated, we will generally
      receive allocations of tax depreciation in excess of our percentage interest
      in the Operating Partnership. Depreciation with respect to any property
      purchased by the Operating Partnership subsequent to the admission of its
      partners, however, will be allocated among the partners in accordance with
      their respective percentage interests in the Operating Partnership.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">As described previously, Brandywine,
      as a general partner of the Operating Partnership, may select any permissible
      method to account for Pre-Contribution Gain or Loss. The use of certain
      of these methods may result in us being allocated lower depreciation deductions
      than if a different method were used. The resulting higher taxable income
      and earnings and profits, as determined for federal income tax purposes,
      should decrease the portion of distributions which may be treated as a
      return of capital. See &#147;&#151;Taxation of Taxable Domestic Shareholders.&#148;</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Basis in Operating Partnership
      Interest</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Our adjusted tax basis in each
      of the partnerships in which we have an interest generally (1) will be
      equal to the amount of cash and the basis of any other property contributed
      to such partnership by us, (2) will be increased by (a) our allocable share
      of such partnership&#146;s income and (b) our allocable share of any indebtedness
      of such partnership, and (3) will be reduced, but not below zero, by our
      allocable share of (a) such partnership&#146;s loss and (b) the amount
      of cash and the tax basis of any property distributed to us and by constructive
      distributions resulting from a reduction in our share of indebtedness of
      such partnership.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">If our allocable share of the loss
      (or portion thereof) of any partnership in which we have an interest would
      reduce the adjusted tax basis of our partnership interest in such partnership
      below zero, the recognition of such loss will be deferred until such time
      as the recognition of such loss (or portion thereof) would not reduce our
      adjusted tax basis below zero. To the extent that distributions to us from
      a partnership, or any decrease in our share of the nonrecourse indebtedness
      of a partnership (each such decrease being considered a constructive cash
      distribution to the partners), would reduce our adjusted tax basis below
      zero, such distributions (including such constructive distributions) would
      constitute taxable income to us. Such distributions and constructive distributions
      normally would be characterized as long-term capital gain if our interest
      in such partnership has been held for longer than the long-term capital
      gain holding period (currently 12 months).</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Sale of Partnership Property</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Generally, any gain realized by
      a partnership on the sale of property held by the partnership for more
      than 12 months will be long-term capital gain, except for any portion of
      such gain that is treated as depreciation or cost recovery recapture. However,
      under requirements applicable to REITs under the Code, our share as a partner
      of any gain realized by the Operating Partnership on the sale of any property
      held as inventory or other property held primarily for sale to customers
      in the ordinary course of a trade or business will be treated as income
      from a prohibited transaction that is subject to a 100% penalty tax. See &#147;&#151;Taxation
      of Brandywine as a REIT.&#148; Such prohibited transaction income will
      also have an adverse effect upon our ability to satisfy the income tests
      for REIT status. See &#147;&#151;Income Tests.&#148; Whether property is
      held as inventory or primarily for sale to customers in the ordinary course
      of a trade or business is a question of fact that depends on all the facts
      and circumstances with respect to the particular transaction. A safe harbor
      to avoid classification as a prohibited transaction exists as to real estate
      assets held for the production of rental income by a REIT if the following
      requirements are satisfied: (1) the REIT has held the property for at least</font></p>
</div>
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<p> </p>
<p align="left">
four years, (2) aggregate expenditures of the REIT during the four-year period
preceding the sale which are includible in basis do not exceed 30% of the net
selling price of the property, (3) (a) during the taxable year the REIT has made
no more than seven sales of property or, in the alternative, (b) the aggregate
of the adjusted bases of all properties sold during the year does not exceed
10% of the adjusted bases of all of the REIT&#146;s properties during the year,
(4) in the case of property, not acquired through foreclosure or lease termination,
the REIT has held the property for not less than four years for the production
of rental income, and (5) if the requirement of clause (3) (a) is not satisfied,
substantially all of the marketing and development expenditures were made through
an independent contractor. Brandywine, as general partner of the Operating Partnership,
believes that the Operating Partnership intends to hold its properties for investment
with a view to long-term appreciation, to engage in the business of acquiring,
developing, owning, operating and leasing properties and to make such occasional
sales of the
properties as are consistent with its and the Operating Partnership&#146;s investment
objectives. No assurance can be given, however, that every property sale by the
Partnerships will constitute a sale
of property held for investment.
<p align="left"><font face="serif" size="2"><b>Taxation of Shareholders</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><b><i>Taxation of Taxable U.S.
          Shareholders</i></b></font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><b>Taxation of Distributions on
        Common and Preferred Shares</b></font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">As long as Brandywine qualifies
      as a REIT, distributions made to Brandywine&#146;s taxable U.S. Shareholders
      out of current or accumulated earnings and profits (and not designated
      as capital gain dividends or qualified dividend income) will be dividends
      taxable to such U.S. Shareholders as ordinary income and will not be eligible
      for the dividends received deduction for corporations. Distributions that
      are designated as long-term capital gain dividends will be taxed as long-term
      capital gains (to the extent they do not exceed our actual net capital
      gain for the taxable year) without regard to the period for which the U.S.
      Shareholder has held its shares of beneficial interest. In general, U.S.
      Shareholders will be taxable on long term capital gains at a maximum rate
      of 15%, except that the portion of such gain that is attributable to depreciation
      recapture will be taxable at the maximum rate of 25%. However, corporate
      shareholders may be required to treat up to 20% of certain capital gain
      dividends as ordinary income.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">For calendar years 2003 through
      2008, distributions that are designated as qualified dividend income will
      be taxed at the same rate as long-term capital gains. We may designate
      a distribution as qualified dividend income to the extent of (1) qualified
      dividend income we receive during the current year (for example, dividends
      received from a taxable REIT subsidiary), plus (2) income on which we have
      been subject to corporate level tax during the prior year (for example,
      undistributed REIT taxable income), plus (3) any income distributable to
      the sale of a built in gain asset from the preceding year less the tax
      paid on that income. We expect that ordinary dividends paid by Brandywine
      generally will not be eligible for treatment as qualified dividend income
      to any significant extent.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Distributions in excess of current
      and accumulated earnings and profits will not be taxable to a U.S. Shareholder
      to the extent that they do not exceed the adjusted basis of the shareholder&#146;s
      shares, but rather will reduce the adjusted basis of such shares. To the
      extent that distributions in excess of current and accumulated earnings
      and profits exceed the adjusted basis of a U.S. Shareholder&#146;s shares,
      such distributions will be included in income as long-term capital gain
      (or short-term capital gain if the shares have been held for 12 months
      or less) assuming the shares are a capital asset in the hands of the shareholder.
      In determining the extent to which a distribution on the preferred shares
      constitutes a dividend for tax purposes, the earnings and profits of Brandywine
      will be allocated first to distributions with respect to the preferred
      shares, if any, and second to distributions with respect to common shares.
      Therefore, depending on our earnings and profits, distributions with respect
      to the preferred shares (as compared to distributions with respect to our
      common shares) are more likely to be treated as dividends than as a return
      of capital or a distribution in excess of basis.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Any distribution declared by us
      in October, November or December of any year payable to a shareholder of
      record on a specified date in any such month shall be treated as both paid
      by Brandywine and received by the shareholder on December 31 of such year,
      provided that the distribution is actually paid by Brandywine </font></p>
</div>
<p></p>
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<div style="text-indent:0%">
  <p align="left"><font face="serif" size="2">not later than the end of January
      of the following calendar year. Shareholders may not include in their individual
      income tax returns any of Brandywine&#146;s losses.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Sale or Exchange of Common and
      Preferred Shares</b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">In general, a U.S. Shareholder
      will recognize capital gain or loss on the disposition of common or preferred
      shares equal to the difference between the sales price for such shares
      and the adjusted tax basis for such shares. Gain or loss recognized upon
      a sale or exchange of common or preferred shares by a U.S. Shareholder
      who has held such shares for more than one year will be treated as long-term
      capital gain or loss, respectively, and otherwise will be treated as short-term
      capital gain or loss. However, any loss upon a sale or exchange of shares
      by a U.S. Shareholder who has held such shares for six months or less (after
      applying certain holding period rules) will be treated as a long-term capital
      loss to the extent such shareholder has received distributions from us
      required to be treated as long-term capital gain. U.S. Shareholders who
      realize a loss on the sale or exchange of shares may be required to file
      IRS Form 8886, Reportable Transaction Disclosure Statement, if the loss
      exceeds certain thresholds (for individual taxpayers, the threshold is
      $2,000,000 for a loss in a single taxable year). U.S. Shareholders should
      consult with their tax advisors regarding Form 8886 filing requirements.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Distributions from us and gain
      from the disposition of shares will not be treated as passive activity
      income and, therefore, U.S. Shareholders will not be able to apply any &#147;passive
      losses&#148; against such income. Distributions from us (to the extent
      they do not constitute a return of capital or capital gain dividends) and,
      on an elective basis, capital gain dividends and gain from the disposition
      of shares will generally be treated as investment income for purposes of
      the investment income limitation.</font></p>
</div>
<p align="left"><font face="serif" size="2"><b>Redemption of Preferred Shares </b></font></p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Our preferred shares are redeemable
      by us under certain circumstances. A redemption of preferred shares will
      be treated under Section 302 of the Code as a distribution taxable as a
      dividend (to the extent of our current and accumulated earnings and profits)
      at ordinary income rates, unless the redemption satisfies one of the tests
      set forth in Section 302(b) of the Code and is therefore treated as a sale
      or exchange of the redeemed shares. The redemption will be treated as a
      sale or exchange if it (i) is &#147;substantially disproportionate&#148; with
      respect to the holder, (ii) results in a &#147;complete termination&#148; of
      the holder&#146;s share interest in our company, or (iii) is &#147;not
      essentially equivalent to a dividend with respect to the holder, all within
      the meaning of Section 302(b) of the Code.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">In determining whether any of these
      tests has been met, there must be taken into account not only any preferred
      shares owned by the holder, but also such holder&#146;s ownership of the
      our common shares, other series of preferred shares and any options to
      acquire any of the foregoing. The holder also must take into account any
      such securities (including options) which are considered to be owned by
      such holder by reason of the constructive ownership rules set forth in
      Sections 318 and 302(c) of the Code. If a particular holder owns (actually
      or constructively) no common shares or an insubstantial percentage of common
      shares or preferred shares, based upon current law, it is probable that
      the redemption of the preferred shares from such holder would be considered &#147;not
      essentially equivalent to a dividend.&#148; However, because the determination
      as to whether any of the alternative tests of Section 302(b) of the Code
      will be satisfied with respect to any particular holder of preferred shares
      depends upon the facts and circumstances at the time the determination
      must be made, prospective holders of preferred shares are advised to consult
      their own tax advisors to determine such tax treatment.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">If a redemption of preferred shares
      is not treated as a distribution taxable as a dividend to a particular
      holder, it will be treated as a taxable sale or exchange by that holder.
      As a result, the holder will recognize gain or loss for U.S. federal income
      tax purposes in an amount equal to the difference between (i) the amount
      of cash and the fair market value of any property received (less any portion
      thereof attributable to accumulated and declared but unpaid dividends,
      which will be taxable as a dividend to the extent of our current and accumulated
      earnings and profits) and (ii) the holder&#146;s adjusted tax basis in
      the shares. Such gain or loss will be capital gain or loss if the shares
      were held as a capital asset, and will be long-term gain or loss if such
      shares were held for more than one year.</font></p>
</div>
<p></p>
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<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">If the redemption is treated as
      a distribution taxable as a dividend, the amount of the distribution will
      be measured by the amount of cash and the fair market value of any property
      received by the holder. The holder&#146;s adjusted tax basis in the preferred
      shares redeemed will be transferred to any other shareholdings of the holder
      in Brandywine. If the holder of the preferred shares owns no other shares,
      under certain circumstances, such basis may be transferred to a related
      person, or it may be lost entirely.</font>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><b><i>Backup Withholding and Information
          Reporting</i></b></font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">In general, Brandywine will report
      to its U.S. Shareholders and the IRS the amount of distributions paid (unless
      the U.S. Shareholder is an exempt recipient such as a corporation) during
      each calendar year, and the amount of tax withheld, if any. Under the backup
      withholding rules, a shareholder may be subject to backup withholding at
      the rate of 28% with respect to distributions paid unless such shareholder
      (a) is a corporation or comes within certain other exempt categories and,
      when required, demonstrates this fact, or (b) provides a taxpayer identification
      number, certifies as to no loss of exemption from backup withholding and
      otherwise complies with applicable requirements of the backup withholding
      rules. A shareholder that does not provide us with his correct taxpayer
      identification number may also be subject to penalties imposed by the IRS.
      Any amount paid as backup withholding may be credited against the shareholder&#146;s
      income tax liability. In addition, we may be required to withhold a portion
      of capital gain distributions to any shareholders who fail to certify their
      non-foreign status to Brandywine. See &#147;&#151;Taxation of Foreign Shareholders.&#148;</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><b><i>Taxation of Tax-Exempt Shareholders</i></b></font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Distributions by us to a shareholder
      that is a tax-exempt entity should not constitute &#147;unrelated business
      taxable income&#148; (&#147;UBTI&#148;), as defined in Section 512(a) of
      the Code provided that the tax-exempt entity has not financed the acquisition
      of its shares with &#147;acquisition indebtedness&#148; within the meaning
      of the Code and the shares are not otherwise used in an unrelated trade
      or business of the tax-exempt entity.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">In the case of a &#147;qualified
      trust&#148; (generally, a pension or profit-sharing trust) holding shares
      in a REIT, the beneficiaries of the trust are treated as holding shares
      in the REIT in proportion to their actuarial interests in the qualified
      trust, instead of treating the qualified trust as a single individual (the &#147;look-through
      exception&#148;). A qualified trust that holds more than 10% of the shares
      of a REIT is required to treat a percentage of REIT dividends as UBTI if
      the REIT incurs debt to acquire or improve real property. This rule applies,
      however, only if (1) the qualification of the REIT depends upon the application
      of the &#147;look through&#148; exception (described above) to the restriction
      on REIT shareholdings by five or fewer individuals, including qualified
      trusts (see &#147;Description of Shares of Beneficial Interest&#151;Restrictions
      on Transfer&#148;) and (2) the REIT is &#147;predominantly held&#148; by
      qualified trusts, i.e., if either (a) a single qualified trust holds more
      than 25% by value of the interests in the REIT or (b) one or more qualified
      trusts, each owning more than 10% by value, holds in the aggregate more
      than 50% of the interests in the REIT. The percentage of any dividend paid
      (or treated as paid) to such a qualified trust that is treated as UBTI
      is equal to the amount of modified gross income (gross income less directly
      connected expenses) from the unrelated trade or business of the REIT (treating
      the REIT as if it were a qualified trust), divided by the total modified
      gross income of the REIT. A de minimis exception applies where the percentage
      is less than 5%.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2"><b><i>Taxation of Non-U.S. Shareholders</i></b></font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">The rules governing United States
      Federal income taxation of Non-U.S. Shareholders are complex and no attempt
      will be made herein to provide more than a summary of such rules. Prospective
      Non-U.S. Shareholders should consult with their own tax advisors to determine
      the impact of Federal, state and local income and estate tax laws with
      regard to an investment in our shares, including any reporting requirements.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Distributions made by us that are
      not attributable to gain from sales or exchanges by us of United States
      real property interests and not designated by us as capital gains dividends
      will be treated as dividends of ordinary income to the extent that they
      are made out of current or accumulated earnings and profits of Brandywine.
      Such distributions will ordinarily be subject to a withholding tax equal
      to 30% of the gross amount of the distribution unless an applicable tax
      treaty reduces or eliminates that tax. However, if income from the investment
      in our shares is treated as effectively connected with the Non-U.S. Shareholder&#146;s
      conduct of a United States trade or business, the Non-U.S. Shareholder
      generally will be subject to a tax at graduated rates, in the same manner
      as U.S. Shareholders are taxed with respect to such distributions (and
      may also be </font></p>
</div>
<p></p>
<p align="center"><font face="serif" size="2">51</font></p>
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<div style="page-break-before:always"> <page> <a name="p52"></a>
    <p><a href="#index"><font size="2">Back to Contents</font></a></p>
    <p> </p>
    <p align="left"> <font face="serif" size="2">subject to the 30% branch profits
        tax in the case of a shareholder that is a foreign corporation). We expect
        to withhold United States income tax at the rate of 30% on the gross
        amount of any such distributions made to a Non-U.S. Shareholder unless
        (1) a lower treaty rate applies and the Non-U.S. Shareholder files a
        W-8BEN (or applicable substitute form) or (2) the Non-U.S. Shareholder
        files an IRS Form W-8ECI with us claiming that the distribution is effectively
        connected income. Distributions in excess of our current and accumulated
        earnings and profits will not be taxable to a shareholder to the extent
        that such distributions do not exceed the adjusted basis of the shareholder&#146;s
        shares, but rather will reduce the adjusted basis of the shareholder
        in such shares. To the extent that distributions in excess of current
        and accumulated earnings and profits exceed the adjusted basis of a Non-U.S.
        Shareholder&#146;s shares, such distributions will give rise to tax liability
        if the Non-U.S. Shareholder would otherwise be subject to tax on any
        gain from the sale or disposition of its shares, as described below.
        If it cannot be determined at the time a distribution is made whether
        or not such distribution will be in excess of current and accumulated
        earnings and profits, the distributions will be subject to withholding
        at the same rate as dividends. However, amounts thus withheld are refundable
        to the shareholder if it is subsequently determined that such distribution
        was, in fact, in excess of our current and accumulated earnings and profits. </font>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">For any year in which Brandywine
      qualifies as a REIT, except as provided below for certain distributions
      after January 1, 2005, distributions that are attributable to gain from
      sales or exchanges by us of United States real property interests will
      be taxed to a Non-U.S. Shareholder under the provisions of the Foreign
      Investment in Real Property Tax Act of 1980 (&#147;FIRPTA&#148;). Under
      FIRPTA, distributions attributable to gain from sales of United States
      real property interests are taxed to a Non-U.S. Shareholder as if such
      gain were effectively connected with a United States business. Individuals
      who are Non-U.S. Shareholders will be required to report such gain on a
      U.S. federal income tax return and such gain will be taxed at the normal
      capital gain rates applicable to U.S. individual shareholders (subject
      to applicable alternative minimum tax and a special alternative minimum
      tax in the case of nonresident alien individuals). Also, distributions
      subject to FIRPTA may be subject to a 30% branch profits tax in the hands
      of a foreign corporate shareholder not entitled to treaty relief. Brandywine
      is required by applicable Treasury Regulations to withhold 35% of any distribution
      that could be designated by us as a capital gains dividend. The amount
      is creditable against the Non-U.S. Shareholder&#146;s U.S. tax liability.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">For distributions after January
      1, 2005, the Act provides that distributions attributable to gain from
      sales or exchanges by us of United States real property interests are treated
      as ordinary dividends (not subject to FIRPTA) if the distribution is made
      to a Non-U.S. Shareholder with respect to any class of stock which is &#147;regularly
      traded&#148; on an established securities market located in the United
      States and if the Non-U.S. Shareholder did not own more than 5% of such
      class of stock at any time during the taxable year. Accordingly, such distributions
      will generally be subject to a 30% U.S. withholding tax (subject to reduction
      under applicable treaty) and a Non-U.S. Shareholder will not be required
      to report the distribution on a U.S. tax return. In addition, the branch
      profits tax will not apply to such distributions.</font></p>
</div>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Gain recognized by a Non-U.S. Shareholder
      upon a sale of shares generally will not be taxed under FIRPTA if Brandywine
      is a &#147;domestically controlled REIT,&#148; defined generally as a REIT
      in which at all times during a specified testing period less than 50% in
      value of the shares of beneficial interest was held directly or indirectly
      by foreign persons. It is currently anticipated that we will be a &#147;domestically
      controlled REIT,&#148; and therefore the sale of shares by a Non-U.S. Shareholder
      will not be subject to taxation under FIRPTA. However, because the shares
      may be traded, we cannot be sure that we will continue to be a &#147;domestically
      controlled REIT.&#148; Gain not subject to FIRPTA will be taxable to a
      Non-U.S. Shareholder if (1) investment in the shares is effectively connected
      with the Non-U.S. Shareholder&#146;s United States trade or business, in
      which case the Non-U.S. Shareholder will be subject to the same treatment
      as U.S. Shareholders with respect to such gain or (2) the Non-U.S. Shareholder
      is a nonresident alien individual who was present in the United States
      for 183 days or more during the taxable year, in which case the nonresident
      alien individual will be subject to a 30% tax on the individual&#146;s
      capital gains. If the gain on the sale of shares were to be subject to
      taxation under FIRPTA, the Non-U.S. Shareholder would be subject to the
      same treatment as U.S. Shareholders with respect to such gain (subject
      to applicable alternative minimum tax and a special alternative minimum
      tax in the case of nonresident alien individuals).</font></p>
</div>
<p></p>
<p align="center"><font face="serif" size="2">52</font></p>
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    <p><a href="#index"><font size="2">Back to Contents</font></a></p>
    <font></font>
    <p> </p>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">If we were not a domestically
          controlled REIT, a sale of common or preferred shares by a Non-U.S.
          Shareholder would not be subject to taxation under FIRPTA as a sale
          of a U.S. real property interest if (1) our preferred shares or common
          shares were &#147;regularly traded&#148; on an established securities
          market within the meaning of applicable Treasury regulations and (2)
          the Non-U.S. Shareholder did not actually, or constructively under
          specified attribution rules under the Code, own more than 5% of our
          preferred shares or common shares at any time during the shorter of
          the five-year period preceding the disposition or the holder&#146;s
          holding period.</font>
  </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">Even if our common or preferred
          shares were not regularly traded on an established securities market,
          a Non-U.S. Shareholder would not be subject to taxation under FIRPTA
          as a sale of a U.S. real property interest if such Non-U.S. Shareholder&#146;s
          common or preferred shares had a fair market value on the date of acquisition
          that was equal to or less than 5% of our regularly traded class of
          shares with the lowest fair market value. For purposes of this test,
          if a Non-U.S. Shareholder acquired shares of common or preferred shares
          and subsequently acquired additional shares at a later date, then all
          such shares would be aggregated and valued as of the date of the subsequent
          acquisition.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2"><b><i>Statement of Share Ownership</i></b></font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">Brandywine is required to demand
          annual written statements from the record holders of designated percentages
          of our shares disclosing the actual owners of the shares. Brandywine
          must also maintain, within the Internal Revenue District in which it
          is required to file its federal income tax return, permanent records
          showing the information Brandywine has received as to the actual ownership
          of such shares and a list of those persons failing or refusing to comply
          with such demand.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2"><b><i>Other Tax Consequences</i></b></font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">Brandywine, the Operating Partnership,
          the Subsidiary Partnerships and Brandywine&#146;s shareholders may
          be subject to state or local taxation in various state or local jurisdictions,
          including those in which it or they transact business or reside. The
          state and local tax treatment of Brandywine, the Operating Partnership,
          the Subsidiary Partnerships and Brandywine&#146;s shareholders may
          not conform to the Federal income tax consequences discussed above.
          Consequently, prospective shareholders should consult their own tax
          advisors regarding the effect of state and local tax laws on an investment
          in our securities.</font></p>
    </div>
    <p align="left"><font face="serif" size="2"><b>Debt Securities</b></font></p>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2"><b><i>U.S. Holders</i></b></font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2"><b>Interest</b></font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">The stated interest on debt
          securities generally will be taxable to a U.S. Holder as ordinary income
          at the time that it is paid or accrued, in accordance with the U.S.
          Holder&#146;s method of accounting for United States federal income
          tax purposes.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2"><b>Original Issue Discount</b></font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">If you own debt securities
          issued with original issue discount (&#147;OID&#148;), you will be
          subject to special tax accounting rules, as described in greater detail
          below. In that case, you should be aware that you generally must include
          OID in gross income in advance of the receipt of cash attributable
          to that income. However, you generally will not be required to include
          separately in income cash payments received on the debt securities,
          even if denominated as interest, to the extent those payments do not
          constitute &#147;qualified stated interest,&#148; as defined below.
          If we determine that a particular debt security will be an OID debt
          security, we will disclose that determination in the prospectus supplement
          or supplements relating to those debt securities.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">A debt security with an &#147;issue
          price&#148; that is less than the &#147;stated redemption price at
          maturity&#148; (the sum of all payments to be made on the debt security
          other than &#147;qualified stated interest&#148;) generally will be
          issued with OID if that difference is at least 0.25% of the stated
          redemption price at maturity multiplied by the number of complete years
          to maturity. The &#147;issue price&#148; of each debt security in a
          particular offering will be the first price at which a substantial
          amount of that particular offering is sold to the public. The term &#147;qualified
          stated interest&#148; means stated interest that is unconditionally
          payable in cash or in property, other than debt instruments of the
          issuer, and the interest to be paid meets all of the following conditions:</font></p>
    </div>
    <p></p>
    <p align="center"><font face="serif" size="2">53</font></p>
    <hr noshade align="center" width="100%" size="2">
    <div style="page-break-before:always"></div>
    <page> <a name="p54"></a>
    <p><a href="#index"><font size="2">Back to Contents</font></a></p>
    <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
      <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr valign="top">
        <td width="3%"><font size="2">&nbsp;</font></td>
        <td width="3%"><font face="serif" size="2">&#149;</font></td>
        <td><div align="left"><font face="serif" size="2">it is payable at least
              once per year;</font></div>
        </td>
      </tr>
    </table>
    <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
      <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr valign="top">
        <td width="3%"><font size="2">&nbsp;</font></td>
        <td width="3%"><font face="serif" size="2">&#149;</font></td>
        <td><div align="left"><font face="serif" size="2">it is payable over
              the entire term of the debt security; and</font></div>
        </td>
      </tr>
    </table>
    <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
      <tr valign="top">
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr valign="top">
        <td width="3%"><font size="2">&nbsp;</font></td>
        <td width="3%"><font face="serif" size="2">&#149;</font></td>
        <td><div align="left"><font face="serif" size="2">it is payable at a
              single fixed rate or, subject to certain conditions, based on one
              or more interest indices.</font></div>
        </td>
      </tr>
    </table>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">If we determine that particular
          debt securities of a series will bear interest that is not qualified
          stated interest, we will disclose that determination in the prospectus
          supplement or supplements relating to those debt securities.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">If you own a debt security
          issued with &#147;<i>de minimis</i>&#148; OID, which is discount that
          is not OID because it is less than 0.25% of the stated redemption price
          at maturity multiplied by the number of complete years to maturity,
          you generally must include the <i>de minimis</i> OID in income at the
          time principal payments on the debt securities are made in proportion
          to the amount paid. Any amount of <i>de minimis</i> OID that you have
          included in income will be treated as capital gain.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">Certain of the debt securities
          may contain provisions permitting them to be redeemed prior to their
          stated maturity at our option and/or at your option. OID debt securities
          containing those features may be subject to rules that differ from
          the general rules discussed herein. If you are considering the purchase
          of OID debt securities with those features, you should carefully examine
          the applicable prospectus supplement or supplements and should consult
          your own tax advisors with respect to those features since the tax
          consequences to you with respect to OID will depend, in part, on the
          particular terms and features of the debt securities.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">If you own OID debt securities
          with a maturity upon issuance of more than one year you generally must
          include OID in income in advance of the receipt of some or all of the
          related cash payments using the &#147;constant yield method&#148; described
          in the following paragraphs. This method takes into account the compounding
          of interest.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">The amount of OID that you
          must include in income if you are the initial United States holder
          of an OID debt security is the sum of the &#147;daily portions&#148; of
          OID with respect to the debt security for each day during the taxable
          year or portion of the taxable year in which you held that debt security
          (&#147;accrued OID&#148;). The daily portion is determined by allocating
          to each day in any &#147;accrual period&#148; a pro rata portion of
          the OID allocable to that accrual period. The &#147;accrual period&#148; for
          an OID debt security may be of any length and may vary in length over
          the term of the debt security, provided that each accrual period is
          no longer than one year and each scheduled payment of principal or
          interest occurs on the first day or the final day of an accrual period.
          The amount of OID allocable to any accrual period is an amount equal
          to the excess, if any, of:</font></p>
    </div>
    <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
      <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr valign="top">
        <td width="3%"><font size="2">&nbsp;</font></td>
        <td width="3%"><font face="serif" size="2">&#149;</font></td>
        <td><div align="left"><font face="serif" size="2">the debt security&#146;s &#147;adjusted
              issue price&#148; at the beginning of the accrual period multiplied
              by its yield to maturity, determined on the basis of compounding
              at the close of each accrual period and properly adjusted for the
              length of the accrual period, over </font></div>
        </td>
      </tr>
    </table>
    <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
      <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr valign="top">
        <td width="3%"><font size="2">&nbsp;</font></td>
        <td width="3%"><font face="serif" size="2">&#149;</font></td>
        <td><div align="left"><font face="serif" size="2">the aggregate of all
              qualified stated interest allocable to the accrual period.</font></div>
        </td>
      </tr>
    </table>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">OID allocable to a final accrual
          period is the difference between the amount payable at maturity, other
          than a payment of qualified stated interest, and the adjusted issue
          price at the beginning of the final accrual period. Special rules will
          apply for calculating OID for an initial short accrual period. The &#147;adjusted
          issue price&#148; of a debt security at the beginning of any accrual
          period is equal to its issue price increased by the accrued OID for
          each prior accrual period, determined without regard to the amortization
          of any acquisition or bond premium, as described below, and reduced
          by any payments made on the debt security (other than qualified stated
          interest) on or before the first day of the accrual period. Under these
          rules, you will generally have to include in income increasingly greater
          amounts of OID in successive accrual periods. We are required to provide
          information returns stating the amount of OID accrued on debt securities
          held of record by persons other than corporations and other exempt
          holders.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">Floating rate debt securities
          are subject to special OID rules. In the case of an OID debt security
          that is a floating rate debt security, both the &#147;yield to maturity&#148; and &#147;qualified
          stated interest&#148; will be determined</font></p>
    </div>
    <p align="center"><font face="serif" size="2">54</font></p>
    <hr noshade align="center" width="100%" size="2">
    <div style="page-break-before:always"></div>
    <page> <a name="p55"></a>
    <p><a href="#index"><font size="2">Back to Contents</font></a></p>
    <div style="text-indent:0%">
      <p align="left"><font face="serif" size="2">solely for purposes of calculating
          the accrual of OID as though the debt security will bear interest in
          all periods at a fixed rate generally equal to the rate that would
          be applicable to interest payments on the debt security on its date
          of issue or, in the case of certain floating rate debt securities,
          the rate that reflects the yield to maturity that is reasonably expected
          for the debt security. Additional rules may apply if either:</font></p>
      <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
        <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
        </tr>
        <tr valign="top">
          <td width="3%"><font size="2">&nbsp;</font></td>
          <td width="3%"><font face="serif" size="2">&#149;</font></td>
          <td><div align="left"><font face="serif" size="2">the interest on a
                floating rate debt security is based on more than one interest
                index; or </font></div>
          </td>
        </tr>
      </table>
      <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
        <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
        </tr>
        <tr valign="top">
          <td width="3%"><font size="2">&nbsp;</font></td>
          <td width="3%"><font face="serif" size="2">&#149;</font></td>
          <td><div align="left"><font face="serif" size="2">the principal amount
                of the debt security is indexed in any manner.</font></div>
          </td>
        </tr>
      </table>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2">This discussion does not
            address the tax rules applicable to debt securities with an indexed
            principal amount. If you are considering the purchase of floating
            rate OID debt securities or securities with indexed principal amounts,
            you should carefully examine the prospectus supplement or supplements
            relating to those debt securities, and should consult your own tax
            advisors regarding the United States federal income tax consequences
            to you of holding and disposing of those debt securities.</font></p>
      </div>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2">You may elect to treat all
            interest on any debt securities as OID and calculate the amount includible
            in gross income under the constant yield method described above.
            For purposes of this election, interest includes stated interest,
            acquisition discount, OID,<i> de minimis</i> OID, market discount, <i>de
            minimis</i> market discount and unstated interest, as adjusted by
            any amortizable bond premium or acquisition premium. You must make
            this election for the taxable year in which you acquired the debt
            security, and you may not revoke the election without the consent
            of the IRS. You should consult with your own tax advisors about this
            election.</font></p>
      </div>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2"><b>Market Discount </b></font></p>
      </div>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2">If you purchase debt securities,
            other than OID debt securities, for an amount that is less than their
            stated redemption price at maturity, or, in the case of OID debt
            securities, their adjusted issue price, the amount of the difference
            will be treated as &#147;market discount&#148; for United States
            federal income tax purposes, unless that difference is less than
            a specified de minimis amount. Under the market discount rules, you
            will be required to treat any principal payment on, or any gain on
            the sale, exchange, retirement or other disposition of, the debt
            securities as ordinary income to the extent of the market discount
            that you have not previously included in income and are treated as
            having accrued on the debt securities at the time of their payment
            or disposition. In addition, you may be required to defer, until
            the maturity of the debt securities or their earlier disposition
            in a taxable transaction, the deduction of all or a portion of the
            interest expense on any indebtedness attributable to the debt securities.
            You may elect, on a debt security-by-debt security basis, to deduct
            the deferred interest expense in a tax year prior to the year of
            disposition. You should consult your own tax advisors before making
            this election.</font></p>
      </div>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2">Any market discount will
            be considered to accrue ratably during the period from the date of
            acquisition to the maturity date of the debt securities, unless you
            elect to accrue on a constant interest method. You may elect to include
            market discount in income currently as it accrues, on either a ratable
            or constant interest method, in which case the rule described above
            regarding deferral of interest deductions will not apply. Your election
            to include market discount in income currently, once made, applies
            to all market discount obligations acquired by you on or after the
            first taxable year to which your election applies and may not be
            revoked without the consent of the IRS. You should consult your own
            tax advisor before making this election.</font></p>
      </div>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2"><b>Acquisition Premium and
              Amortizable Bond Premium </b></font></p>
      </div>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2">If you purchase OID debt
            securities for an amount that is greater than their adjusted issue
            price but equal to or less than the sum of all amounts payable on
            the debt securities after the purchase date other than payments of
            qualified stated interest, you will be considered to have purchased
            those debt securities at an &#147;acquisition premium.&#148; Under
            the acquisition premium rules, the amount of OID that you must include
            in gross income with respect to those debt securities for any taxable
            year will be reduced by the portion of the acquisition premium properly
            allocable to that year.</font></p>
      </div>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2">If you purchase debt securities
            (including OID debt securities) for an amount in excess of the sum
            of all amounts payable on those debt securities after the purchase
            date other than qualified stated interest, you will be considered
            to have purchased those debt securities at a &#147;premium&#148; and,
            if they are OID debt securities, you will not be required to include
            any OID in income. You generally may elect to amortize the premium
            over the remaining term of those debt securities on a constant yield
            method as an offset to interest when </font></p>
      </div>
      <p align="center"><font face="serif" size="2">55</font></p>
      <hr noshade align="center" width="100%" size="2">
      <div style="page-break-before:always"></div>
      <page> <a name="p56"></a>
      <p><a href="#index"><font size="2">Back to Contents</font></a></p>
      <p align="left"><font face="serif" size="2">includible in income under
          your regular accounting method. In the case of debt securities that
          provide for alternative payment schedules, bond premium is calculated
          by assuming that (a) you will exercise or not exercise options in a
          manner that maximizes your yield, and (b) we will exercise or not exercise
          options in a manner that minimizes your yield (except that we will
          be assumed to exercise call options in a manner that maximizes your
          yield). If you do not elect to amortize bond premium, that premium
          will decrease the gain or increase the loss you would otherwise recognize
          on disposition of the debt security. Your election to amortize premium
          on a constant yield method will also apply to all debt obligations
          held or subsequently acquired by you on or after the first day of the
          first taxable year to which the election applies. You may not revoke
          the election without the consent of the IRS. You should consult your
          own tax advisor before making this election.</font></p>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2"><b>Sale, Exchange and Retirement
              of debt securities</b></font></p>
      </div>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2">A U.S. Holder of debt securities
            will recognize gain or loss upon the sale, exchange, retirement,
            redemption or other taxable disposition of such debt securities in
            an amount equal to the difference between:</font></p>
      </div>
      <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
        <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
        </tr>
        <tr valign="top">
          <td width="3%"><font size="2">&nbsp;</font></td>
          <td width="3%"><font face="serif" size="2">&#149;</font></td>
          <td><div align="left"><font face="serif" size="2">the amount of cash
                and the fair market value of other property received in exchange
                for such debt securities, other than amounts attributable to
                accrued but unpaid stated interest, which will be subject to
                tax as ordinary income to the extent not previously included
                in income; and</font></div>
          </td>
        </tr>
      </table>
      <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
        <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
        </tr>
        <tr valign="top">
          <td width="3%"><font size="2">&nbsp;</font></td>
          <td width="3%"><font face="serif" size="2">&#149;</font></td>
          <td><div align="left"><font face="serif" size="2">the U.S. Holder&#146;s
                adjusted basis of the debt securities. </font></div>
          </td>
        </tr>
      </table>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2">The adjusted basis of the
            debt securities will, in general, be the U.S. Holders cost for the
            debt securities, increased by OID and reduced by any cash payments
            on the debt securities other than qualified stated interest. Any
            gain or loss recognized will generally be capital gain or loss, and
            such capital gain or loss will generally be long-term capital gain
            or loss if debt securities has been held by the U.S. Holder for more
            than one year. Long-term capital gain for non-corporate taxpayers
            is subject to reduced rates of United States federal income taxation.
            The deductibility of capital losses is subject to certain limitations.</font></p>
      </div>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2"><b><i>Non-U.S. Holders </i></b></font></p>
      </div>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2">The following is a discussion
            of the material U.S. federal income and estate tax consequences that
            generally will apply to you if you are a Non-U.S. Holder of debt
            securities.</font></p>
      </div>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2"><b>Interest</b></font></p>
      </div>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2">Interest (including OID)
            paid to a Non-U.S. Holder of debt securities will not be subject
            to United States federal withholding tax under the &#147;portfolio
            interest exception,&#148; provided that:</font></p>
      </div>
      <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
        <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
        </tr>
        <tr valign="top">
          <td width="3%"><font size="2">&nbsp;</font></td>
          <td width="3%"><font face="serif" size="2">&#149;</font></td>
          <td><div align="left"><font face="serif" size="2">interest paid on
                debt securities is not effectively connected with a Non-U.S.
                Holder&#146;s conduct of a trade or business in the United States;</font></div>
          </td>
        </tr>
      </table>
      <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
        <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
        </tr>
        <tr valign="top">
          <td width="3%"><font size="2">&nbsp;</font></td>
          <td width="3%"><font face="serif" size="2">&#149;</font></td>
          <td><div align="left"><font face="serif" size="2">the Non-U.S. Holder
                does not actually or constructively own 10% or more of the capital
                or profits interest in the Operating Partnership;</font></div>
          </td>
        </tr>
      </table>
      <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
        <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
        </tr>
        <tr valign="top">
          <td width="3%"><font size="2">&nbsp;</font></td>
          <td width="3%"><font face="serif" size="2">&#149;</font></td>
          <td><div align="left"><font face="serif" size="2">the Non-U.S. Holder
                is not </font></div>
          </td>
        </tr>
      </table>
      <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
        <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
        </tr>
        <tr valign="top">
          <td width="3%"><font size="2">&nbsp;</font></td>
          <td width="3%"><font size="2">&nbsp;</font></td>
          <td width="3%"><font face="serif" size="2">&#149;</font></td>
          <td><div align="left"><font face="serif" size="2">a controlled foreign
                corporation that is related to us through stock ownership, or</font></div>
          </td>
        </tr>
      </table>
      <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
        <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
        </tr>
        <tr valign="top">
          <td width="3%"><font size="2">&nbsp;</font></td>
          <td width="3%"><font size="2">&nbsp;</font></td>
          <td width="3%"><font face="serif" size="2">&#149;</font></td>
          <td><div align="left"><font face="serif" size="2">a bank that receives
                such interest on an extension of credit made pursuant to a loan
                agreement entered into in the ordinary course of its trade or
                business; and</font></div>
          </td>
        </tr>
      </table>
      <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
        <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
        </tr>
        <tr valign="top">
          <td width="3%"><font size="2">&nbsp;</font></td>
          <td width="3%"><font face="serif" size="2">&#149;</font></td>
          <td><div align="left"><font face="serif" size="2">the beneficial owner
                of debt securities provides a certification, which is generally
                made on an IRS Form W-8BEN or a suitable substitute form and
                signed under penalties of perjury, that it is not a United States
                person.</font></div>
          </td>
        </tr>
      </table>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2">A payment of interest (including
            OID) to a Non-U.S. Holder that does not qualify for the portfolio
            interest exception and that is not effectively connected to a United
            States trade or business will be subject to United States federal
            withholding tax at a rate of 30%, unless a United States income tax
            treaty applies to reduce or eliminate withholding.</font></p>
      </div>
      <p align="center"><font face="serif" size="2">56</font></p>
      <hr noshade align="center" width="100%" size="2">
      <div style="page-break-before:always"></div>
      <page> <a name="p57"></a>
      <p><a href="#index"><font size="2">Back to Contents</font></a></p>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2">A Non-U.S. Holder will generally
            be subject to tax in the same manner as a U.S. Holder with respect
            to payments of interest (including OID) if such payments are effectively
            connected with the conduct of a trade or business by the Non-U.S.
            Holder in the United States and, if an applicable tax treaty provides,
            such gain is attributable to a United States permanent establishment
            maintained by the Non-U.S. Holder. In some circumstances, such effectively
            connected income received by a Non-U.S. Holder which is a corporation
            may be subject to an additional &#147;branch profits tax&#148; at
            a 30% base rate or, if applicable, a lower treaty rate.</font></p>
        <div style="text-indent:3%">
          <p align="left"><font face="serif" size="2">To claim the benefit of
              a lower treaty rate or to claim exemption from withholding because
              the income is effectively connected with a United States trade
              or business, the Non-U.S. Holder must provide a properly executed
              IRS Form W-8BEN or IRS Form W-8ECI, or a suitable substitute form,
              as applicable, prior to the payment of interest. Such certificate
              must contain, among other information, the name and address of
              the Non-U.S. Holder.</font></p>
        </div>
        <div style="text-indent:3%">
          <p align="left"><font face="serif" size="2">Non-U.S. Holders are urged
              to consult their own tax advisors regarding applicable income tax
              treaties, which may provide different rules.</font></p>
        </div>
        <div style="text-indent:3%">
          <p align="left"><font face="serif" size="2"><b>Sale or Retirement of
                debt securities</b></font></p>
        </div>
        <div style="text-indent:3%">
          <p align="left"><font face="serif" size="2">A Non-U.S. Holder generally
              will not be subject to United States federal income tax or withholding
              tax on gain realized on the sale, exchange or redemption of debt
              securities unless:</font></p>
        </div>
        <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
          </tr>
          <tr valign="top">
            <td width="3%"><font size="2">&nbsp;</font></td>
            <td width="3%"><font face="serif" size="2">&#149;</font></td>
            <td><font face="serif" size="2">the Non-U.S. Holder is an individual
                who is present in the United States for 183 days or more in the
                taxable year of the sale, exchange or redemption, and certain
                other conditions are met; or </font> </td>
          </tr>
        </table>
        <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
          </tr>
          <tr valign="top">
            <td width="3%"><font size="2">&nbsp;</font></td>
            <td width="3%"><font face="serif" size="2">&#149;</font></td>
            <td><font face="serif" size="2">the gain is effectively connected
                with the conduct of a trade or business of the Non-U.S. Holder
                in the United States and, if an applicable tax treaty so provides,
                such gain is attributable to a United States permanent establishment
                maintained by such holder.</font> </td>
          </tr>
        </table>
        <div style="text-indent:3%">
          <p align="left"><font face="serif" size="2">Except to the extent that
              an applicable tax treaty provides otherwise, a Non-U.S. Holder
              will generally be subject to tax in the same manner as a U.S. Holder
              with respect to gain realized on the sale, exchange or redemption
              of debt securities if such gain is effectively connected with the
              conduct of a trade or business by the Non-U.S. Holder in the United
              States and, if an applicable tax treaty provides, such gain is
              attributable to a United States permanent establishment maintained
              by the Non-U.S. Holder. In certain circumstances, a Non-U.S. Holder
              that is a corporation will be subject to an additional &#147;branch
              profits tax&#148; at a 30% rate or, if applicable, a lower treaty
              rate on such income.</font></p>
        </div>
        <div style="text-indent:3%">
          <p align="left"><font face="serif" size="2"><b>U.S. Federal Estate
                Tax </b></font></p>
        </div>
        <div style="text-indent:3%">
          <p align="left"><font face="serif" size="2">Your estate will not be
              subject to U.S. federal estate tax on the debt securities beneficially
              owned by you at the time of your death, provided that any payment
              to you on the debt securities, including OID, would be eligible
              for exemption from the 30% U.S. federal withholding tax under the &#147;portfolio
              interest&#148; rule described above, without regard to the certification
              requirement.</font></p>
        </div>
        <div style="text-indent:3%">
          <p align="left"><font face="serif" size="2"><b>Information Reporting
                and Backup Withholding</b></font></p>
        </div>
        <div style="text-indent:3%">
          <p align="left"><font face="serif" size="2">Certain non-corporate U.S.
              Holders may be subject to information reporting requirements on
              payments of principal and interest (including OID) on debt securities
              and payments of the proceeds of the sale, exchange, or redemption
              of debt securities, and backup withholding, currently imposed at
              a rate of 28%, may apply to such payment if the U.S. Holder:</font></p>
        </div>
        <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
          </tr>
          <tr valign="top">
            <td width="3%"><font size="2">&nbsp;</font></td>
            <td width="3%"><font face="serif" size="2">&#149;</font></td>
            <td><font face="serif" size="2">fails to furnish an accurate taxpayer
                identification number, or TIN, to the payor in the manner required;</font> </td>
          </tr>
        </table>
        <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
          </tr>
          <tr valign="top">
            <td width="3%"><font size="2">&nbsp;</font></td>
            <td width="3%"><font face="serif" size="2">&#149;</font></td>
            <td><font face="serif" size="2">is notified by the IRS that it has
                failed to properly report payments of interest or dividends;
                or</font> </td>
          </tr>
        </table>
        <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
            <td>&nbsp;</td>
          </tr>
          <tr valign="top">
            <td width="3%"><font size="2">&nbsp;</font></td>
            <td width="3%"><font face="serif" size="2">&#149;</font></td>
            <td><font face="serif" size="2">under certain circumstances, fails
                to certify, under penalties of perjury, that it has furnished
                a correct TIN and that it has not been notified by the IRS that
                it is subject to backup withholding.</font> </td>
          </tr>
        </table>
        <div style="text-indent:3%">
          <p align="left"><font face="serif" size="2">A Non-U.S. Holder is generally
              not subject to backup withholding with respect to payments of interest
              (including OID) on debt securities if it certifies as to its status
              as a Non-U.S. Holder under penalties of perjury or if it otherwise
              establishes an exemption, provided that neither we nor our paying
              agent has actual </font></p>
        </div>
        <p align="center"><font face="serif" size="2">57</font></p>
        <hr noshade align="center" width="100%" size="2">
        <div style="page-break-before:always"></div>
        <page> </div>
      <a name="p58"></a>
      <p><a href="#index"><font size="2">Back to Contents</font></a></p>
      <div style="text-indent:0%">
        <p align="left"><font face="serif" size="2">knowledge or reason to know
            that the Non-U.S. Holder is a United States person or that the conditions
            of any other exemptions are not, in fact, satisfied. Information
            reporting requirements, however, will apply to payments of interest
            (including OID) to Non-U.S. Holders where such interest is subject
            to withholding or exempt from United States withholding tax pursuant
            to a tax treaty. Copies of these information returns may also be
            made available under the provisions of a specific treaty or agreement
            to the tax authorities of the country in which the Non-U.S. Holder
            resides.</font></p>
      </div>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2">The payment of the proceeds
            from the disposition of debt securities to or through the United
            States office of any broker, United States or foreign, will be subject
            to information reporting and possible backup withholding unless the
            owner certifies as to its non-United States status under penalties
            of perjury or otherwise establishes an exemption, provided that the
            broker does not have actual knowledge or reason to know that the
            Non-U.S. Holder is a United States person or that the conditions
            of any other exemption are not, in fact, satisfied.</font></p>
      </div>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2">The payment of the proceeds
            from the disposition of debt securities to or through a non-United
            States office of a non-United States broker that is not a &#147;United
            States related person&#148; generally will not be subject to information
            reporting or backup withholding. For this purpose, a &#147;United
            States related person&#148; is:</font></p>
      </div>
      <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
        <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
        </tr>
        <tr valign="top">
          <td width="3%"><font size="2">&nbsp;</font></td>
          <td width="3%"><font face="serif" size="2">&#149;</font></td>
          <td><div align="left"><font face="serif" size="2">a controlled foreign
                corporation for United States federal income tax purposes;</font></div>
          </td>
        </tr>
      </table>
      <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
        <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
        </tr>
        <tr valign="top">
          <td width="3%"><font size="2">&nbsp;</font></td>
          <td width="3%"><font face="serif" size="2">&#149;</font></td>
          <td><div align="left"><font face="serif" size="2">a foreign person
                50% or more of whose gross income from all sources for the three-year
                period ending with the close of its taxable year preceding the
                payment, or for such part of the period that the broker has been
                in existence, is derived from activities that are effectively
                connected with the conduct of a United States trade or business;
                or</font></div>
          </td>
        </tr>
      </table>
      <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
        <tr>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
        </tr>
        <tr valign="top">
          <td width="3%"><font size="2">&nbsp;</font></td>
          <td width="3%"><font face="serif" size="2">&#149;</font></td>
          <td><div align="left"><font face="serif" size="2">a foreign partnership
                that at any time during the partnership&#146;s taxable year is
                either engaged in the conduct of a trade or business in the United
                States or of which 50% or more of its income or capital interests
                are held by United States persons.</font></div>
          </td>
        </tr>
      </table>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2">In the case of the payment
            of proceeds from the disposition of debt securities to or through
            a non-United States office of a broker that is either a United States
            person or a United States related person, the payment may be subject
            to information reporting unless the broker has documentary evidence
            in its files that the owner is a Non-U.S. Holder and the broker has
            no knowledge or reason to know to the contrary. Backup withholding
            will not apply to payments made through foreign offices of a broker
            that is a United States person or a United States related person,
            absent actual knowledge that the payee is a United States person.</font></p>
      </div>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2">Backup withholding is not
            an additional tax. Any amounts withheld under the backup withholding
            rules from a payment to a Holder will be allowed as a refund or a
            credit against such Holder&#146;s United States federal income tax
            liability, provided that the requisite procedures are followed.</font></p>
      </div>
      <div style="text-indent:3%">
        <p align="left"><font face="serif" size="2">Holders of debt securities
            are urged to consult their tax advisors regarding their qualification
            for exemption from backup withholding and the procedure for obtaining
            such an exemption, if applicable.</font></p>
      </div>
      <p align="center"><font face="serif" size="2">58</font></p>
      <hr noshade align="center" width="100%" size="2">
    </div>
    <div style="page-break-before:always"></div>
    <page> <a name="p53"></a>
    <p><a href="#index"><font size="2">Back to Contents</font></a></p>
    <p align="center"><font face="serif" size="2"><b><a name="p59a"></a>PLAN
          OF DISTRIBUTION</b></font></p>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">We and, where applicable, selling
          securityholders may sell the securities to one or more underwriters
          for public offering and sale by them or may sell the securities directly
          to one or more investors or through agents or through a combination
          of any of such methods. Any such underwriter or agent involved in the
          offer and sale of the securities will be named in the applicable prospectus
          supplement.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">We or underwriters may offer
          and sell the securities at a fixed price or prices, which may be changed,
          at prices related to the prevailing market prices at the time of sale
          or at negotiated prices for cash or assets. We also may, from time
          to time, authorize underwriters acting as our agents to offer and sell
          the securities upon the terms and conditions as are set forth in the
          applicable prospectus supplement. In connection with the sale of the
          securities, underwriters may be deemed to have received compensation
          from us in the form of underwriting discounts or commissions and may
          also receive commissions from purchasers of the securities for whom
          they may act as agent. Underwriters may sell securities to or through
          dealers, and such dealers may receive compensation in the form of discounts,
          concessions or commissions from the underwriters and/or commissions
          from the purchasers for whom they may act as agent.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">We may engage one or more firms
          to act as our agent (each, an &#147;Offering Agent&#148;) for one or
          more offerings, from time to time, of our common shares. We will identify
          any Offering Agents in the applicable prospectus supplement or a post-effective
          amendment to the registration statement of which this prospectus is
          a part. If we reach agreement with an Offering Agent with respect to
          a specific offering, including the number of common shares and any
          minimum price below which sales may not be made, then an Offering Agent
          would agree to use its commercially reasonable efforts, consistent
          with its normal trading and sales practices, to try to sell such common
          shares on the agreed terms. An Offering Agent could make sales in privately
          negotiated transactions and/or any other method permitted by law, including
          sales deemed to be an &#147;at the market&#148; offering as defined
          in Rule 415 promulgated under the Securities Act, sales made directly
          on the New York Stock Exchange or sales made to or through a market
          maker other than on an exchange. At-the-market offerings may not exceed
          10% of the aggregate market value of our outstanding voting securities
          held by non-affiliates on a date within 60 days prior to the filing
          of the registration statement of which this prospectus is a part. An
          Offering Agent will be deemed to be an &#147;underwriter&#148; within
          the meaning of the Securities Act, with respect to any sales effected
          through an &#147;at the market&#148; offering.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">We may enter into derivative
          transactions with third parties, or sell securities not covered by
          this prospectus to third parties in privately negotiated transactions.
          If the applicable prospectus supplement indicates, in connection with
          those derivatives, the third parties may sell securities covered by
          this prospectus and the applicable prospectus supplement, including
          in short sale transactions. If so, the third parties may use securities
          pledged by us or borrowed from us or others to settle those sales or
          to close out any related open borrowings of securities, and may use
          securities received from us in settlement of those derivatives to close
          out any related open borrowings of securities. The third parties in
          such sale transactions will be underwriters and will be identified
          in the applicable prospectus supplement or a post-effective amendment
          to the registration statement of which this prospectus is a part.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">We or one of our affiliates
          may loan or pledge securities to a financial institution or other third
          party that in turn may sell the securities using this prospectus. Such
          financial institution or third party may transfer its short position
          to investors in our securities or in connection with a simultaneous
          offering of other securities offered by this prospectus or otherwise.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">Any underwriting compensation
          paid by us to underwriters or agents in connection with the offering
          of the securities, and any discounts, concessions or commissions allowed
          by underwriters to participating dealers, will be set forth or described
          in the applicable prospectus supplement. Underwriters, dealers and
          agents participating in the distribution of the securities may be deemed
          to be underwriters, and any discounts and commissions received by them
          and any profit realized by them on resale of the securities may be
          deemed to be underwriting discounts and commissions under the Securities
          Act.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">Underwriters, dealers and agents
          may be entitled, under agreements entered into with us, to indemnification
          against and contribution toward certain civil liabilities, including
          liabilities under the Securities Act.</font></p>
    </div>
    <p>&nbsp;</p>
    <p align="center"><font face="serif" size="2">59</font></p>
    <hr noshade align="center" width="100%" size="2">
    <div style="page-break-before:always"></div>
    <page> <a name="p54"></a>
    <p><a href="#index"><font size="2">Back to Contents</font></a></p>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">Unless otherwise specified
          in the applicable prospectus supplement, each series of securities
          will be a new issue with no established trading market, other than
          the common shares, the Series C Preferred Shares and the Series D Preferred
          Shares, which are listed on the NYSE, as of the date of this prospectus.
          We may elect to list any series of preferred shares or American Depository
          Receipts representing depository shares on an exchange, but are not
          obligated to do so. It is possible that one or more underwriters may
          make a market in a series of securities, but will not be obligated
          to do so and may discontinue any market making at any time without
          notice. Therefore, no assurance can be given as to the liquidity of,
          or the trading market for, the securities.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">If so indicated in the applicable
          prospectus supplement, we will authorize underwriters or other persons
          acting as our agents to solicit offers by certain institutions to purchase
          securities from us at the public offering price set forth in such prospectus
          supplement pursuant to delayed delivery contracts providing for payment
          and delivery on the date or dates stated in such prospectus supplement.
          Institutions with whom delayed delivery contracts, when authorized,
          may be made include commercial and savings banks, insurance companies,
          pension funds, investment companies, educational and charitable institutions,
          and other institutions but will in all cases be subject to our approval.
          Delayed delivery contracts will not be subject to any conditions except
          (1) the purchase by an institution of the securities covered by its
          contracts shall not at the time of delivery be prohibited under the
          laws of any jurisdiction in the United States to which such institution
          is subject, and (2) if the securities are being sold to underwriters,
          we will have sold to such underwriters the total principal amount of
          the securities less the principal amount thereof covered by contracts.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">Underwriters, dealers and agents
          and their affiliates may engage in transactions with, or perform services
          for, or be tenants of, or be lenders to, us in the ordinary course
          of business.</font></p>
    </div>
    <p align="center"><font face="serif" size="2"><b><a name="p60a"></a>LEGAL
          MATTERS</b></font></p>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">Unless otherwise set forth
          in a prospectus supplement, the validity of the securities offered
          will be passed upon for us by Pepper Hamilton LLP.</font></p>
    </div>
    <p align="center"><font face="serif" size="2"><b><a name="p60b"></a>EXPERTS</b></font></p>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">The financial statements and
          management&#146;s assessment of the effectiveness of internal control
          over financial reporting (which is included in Management&#146;s Report
          on Internal Control Over Financial Reporting) incorporated in this
          prospectus by reference to the Form 10-K of Brandywine Realty Trust
          for the year ended December&nbsp;31, 2004 have been so incorporated
          in reliance on the report of PricewaterhouseCoopers LLP, an independent
          registered public accounting firm, given on the authority of said firm
          as experts in auditing and accounting.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">The financial statements incorporated
          in this prospectus by reference to the Annual Report on Form 10-K of
          Brandywine Operating Partnership, L.P. for the year ended December&nbsp;31,
          2004 have been so incorporated in reliance on the report of PricewaterhouseCoopers
          LLP, an independent registered public accounting firm, given on the
          authority of said firm as experts in auditing and accounting.</font></p>
    </div>
    <div style="text-indent:3%">
      <p align="left"><font face="serif" size="2">The audited historical financial
          statements and management&#146;s assessment of the effectiveness of
          internal control over financial reporting of Prentiss Properties Trust
          incorporated in this prospectus by reference to Exhibit 99.1 to Brandywine
          Realty Trust&#146;s and Brandywine Operating Partnership, L.P.&#146;s
          Current Reports on Form 8-K/A dated December&nbsp;14, 2005 have been
          so incorporated in reliance on the report of PricewaterhouseCoopers
          LLP, an independent registered public accounting firm, given on the
          authority of said firm as experts in auditing and accounting.</font></p>
    </div>
    <p align="center"><font face="serif" size="2">60</font></p>
    <hr noshade align="center" width="100%" size="2">
    <div style="page-break-before:always"></div>
    <page>
    <p align="center"><img src="brandywinelogo.gif"></p>
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